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Level 2
posted Mar 22, 2024 3:13:35 PM

Double Taxed by CA and AZ on Capital Gain

Hi. My issue is I am being taxed twice on source income (capital gain on sale of personal home) from AZ since I am now resident of CA. I sold my AZ home in June 2023; however, I became a resident of CA end of May (had to move before I closed on home).  So CA is taxing me on all my source income including the home sale since I am a resident of CA now (and as of the final closing/transaction date in June 2023), and AZ is also taxing me on the capital gain since the home was in AZ. Should I file AZ forms 301 and 309 to get a tax credit from AZ for the double taxation amount, or do I need to file CA Schedule S?  I am getting such conflicting info from researching the subject. It is not a big capital gain, but I just want to file the right form.

0 3 2247
3 Replies
Level 2
Mar 22, 2024 3:19:59 PM

Just FYI - I am filing CA NR form and AZ 140PY forms.  

Expert Alumni
Mar 28, 2024 3:27:18 PM

CA and AZ have an unusual relationship. For a CA nonresident, you would take credit in AZ. As a CA resident, you would claim the CA credit. In your case, filing CA NR, you will file AZ for the credit against the CA tax paid on the income.

 

You will want to compute your CA tax return to create the credit on your AZ return.

Level 2
Mar 28, 2024 6:42:32 PM

Thank you!