Can a capital gains distribution be excluded from Wisconsin state taxes?

[DianeW777]

Wisconsin law generally allows a deduction for 30% of the net capital gain from assets held more than one year. The deduction is 60% of net long-term capital gain from farm assets.  For more information use the link provided below.

Another difference results in 2021 because of the $500 limit on the Wisconsin deduction for capital losses.

• WI Publication 103

[JoshB78]

I read that statement you wrote previously.  My concern is the word generally.  These stocks were long term gains held for more than a year before selling.

If the distribution or gain is $4100 than I can reduce it to $2870?

[ErnieS0]

Wisconsin allows a deduction for 30% of the net capital gain from assets held more than one year is allowable when computing Wisconsin taxable income (60% of net capital gain on farm assets).

Answer the questions in the WI section and TurboTax will calculate the exclusion. You do not have to do this yourself.