https://ttlc.intuit.com/community/state-taxes/discussion/re-received-capital-gains-on-sale-of-florida-condo-do-i-owe-capital-gains-in-my-state-of-residen/01/2083654#M93657 <P>If you are a resident of Michigan, all of your income is taxable by Michigan, regardless of where it was sourced.&nbsp; If the condo had been in a state with an income tax, Michigan would give you a credit for the tax paid to another state, but since Florida has no income tax, there will be no such credit.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>As for the penalty, it would be for an underpayment of estimated tax.&nbsp; It should only be calculated from the due date of estimated tax payments for the quarter in which the sale occurred.&nbsp; It is not something you should have paid in advance, it is something you should have paid shortly after the sale.</P> Mon, 15 Mar 2021 15:12:27 GMT DavidD66 2021-03-15T15:12:27Z https://ttlc.intuit.com/community/state-taxes/discussion/received-capital-gains-on-sale-of-florida-condo-do-i-owe-capital-gains-in-my-state-of-residency/01/2083569#M93651 <P>Using the CD windows 2020 TT version. We sold our Florida vacation condo in 2020 and made say 75K profit. Turbotax has us paying a bunch of capital gains on it as I expected but when I start my Michigan taxes it has taken note of it and is saying I may have to pay a penalty because of it? 1) if the condo is not in Michigan do I have to pay taxes on the sale in Michigan? 2) why should I be penalized for profit of an unforeseen&nbsp; transaction?</P><P>&nbsp;</P><P>Any help would be really appreciated.&nbsp;</P><P>Ed</P> Mon, 15 Mar 2021 14:57:15 GMT https://ttlc.intuit.com/community/state-taxes/discussion/received-capital-gains-on-sale-of-florida-condo-do-i-owe-capital-gains-in-my-state-of-residency/01/2083569#M93651 satelliteragtop 2021-03-15T14:57:15Z https://ttlc.intuit.com/community/state-taxes/discussion/re-received-capital-gains-on-sale-of-florida-condo-do-i-owe-capital-gains-in-my-state-of-residen/01/2083654#M93657 <P>If you are a resident of Michigan, all of your income is taxable by Michigan, regardless of where it was sourced.&nbsp; If the condo had been in a state with an income tax, Michigan would give you a credit for the tax paid to another state, but since Florida has no income tax, there will be no such credit.&nbsp;&nbsp;</P> <P>&nbsp;</P> <P>As for the penalty, it would be for an underpayment of estimated tax.&nbsp; It should only be calculated from the due date of estimated tax payments for the quarter in which the sale occurred.&nbsp; It is not something you should have paid in advance, it is something you should have paid shortly after the sale.</P> Mon, 15 Mar 2021 15:12:27 GMT https://ttlc.intuit.com/community/state-taxes/discussion/re-received-capital-gains-on-sale-of-florida-condo-do-i-owe-capital-gains-in-my-state-of-residen/01/2083654#M93657 DavidD66 2021-03-15T15:12:27Z