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My husband inherited his parents MS property split between his siblings 3 ways. There was not enough time between the sale and the Date of Death stepped-up basis to generate a gain or loss. The CPA that filed for the other two siblings concluded the same decision. Those siblings live in MS, so obviously they had to file a state return. Do I have to file a MS state tax return even though I received a 1099-S & live in Texas? This is the only income from MS we've ever received.
I would expect the answer is yes, but I've read all over and not found any information for a zero gain or loss.
Cheers!
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You don't need to file a Mississippi tax return if you don't have income that is taxed by the state. Since you don't have any net income from the sale, you don't have income that is taxed by the state so it would appear you don't need to file the tax return. You can read more here: MS filing requirements
Thank you.
I read the link, but didn't see anything noting not to file if no income to report, which makes sense. Mainly it noted when to file. I've tried researching other answers but it's such a broad answer that I'm not getting the specific answer.
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