PA state"schedule of gains/losses". None of the 4 choices apply. It is taxable to PA but the closest choice is "this sale is not taxable in PA" . What am i missing? - ty

Please clarity your situation. Are you selling stock or some other property, such as real estate?

 

Pennsylvania residents are tax on income earned everywhere. Nonresidents would not be taxed on non-Pennsylvania property sales. For example, you may be a nonresident filing a PA return to report W-2 income earned while working in PA, but also have rental property in another state. You would have to tell TurboTax to exclude that rental from your PA income tax.

I'm selling an ETF, some brokerage CD's, and a Treasury. I know the gains are PA taxable. 1 of the 4 choices is to adjust the cost basis so I put a "0" in that field as the adjustment to the cost basis and it seems to work but that seems like an error in TT for the state of PA

Zero ($0) means TurboTax will keep the original cost basis and make no adjustment. If none of the options apply you can leave all the boxes blank and continue.

 

The only obligation that may require adjustment is the Treasury. Net gains from the sale or disposition (not redemption) of the following obligations are taxable to the extent these obligations include:

• Direct obligations of the U.S. government such as federal treasury bills and treasury notes originally issued on or after Feb. 1, 1994;
• Direct obligations of certain agencies, instrumentalities, or territories of the federal government originally issued on or after Feb. 1, 1994; and
• Direct obligations of the Commonwealth of Pennsylvania and its political subdivisions or authorities originally issued on or after Feb. 1, 1994.

Losses incurred from the disposition of the above obligations may be used to reduce other gains.

 

Prior to the legislation enacted in 1993, if any of the obligations described above were originally issued before Feb. 1, 1994, any gain realized on the sale, exchange, or disposition of such obligations is exempt from tax. Losses incurred from the disposition of obligations issued before Feb. 1, 1994 may not be used to reduce other gains.

 

Net gain or income from the sale of obligations of other states or foreign countries is subject to tax regardless of the issue date of such obligations.

 

Related Resource:

• Net Gains (Losses) from the Sale, Exchange, or Disposition of Property

Now I understand. Thank you