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Question

State Capital Gains

Forum|Forum|4 years ago
April 2, 2022
1 reply
8 views

I live in Missouri and sold land in Iowa. In which state do I pay capital gains taxes?

Alumni - Champ

Your capital gain will be taxable by Iowa, because the property is located in Iowa, and by Missouri, because your resident state can tax all your income. You'll be able to claim a credit on your MO return for the taxes paid to IA, so the net effect is that you won't be double-taxed.

In TurboTax, be sure to complete the non-resident return before the home state return, so that the program can correctly calculate and apply the credit.

In the My Info section, indicate that you had Other State Income from Iowa.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.