Unrealized capital gains

[lmsullivan11]

When turbo tax brought over my unrealized capital gains for Wisconsin it shows as income and I have to pay taxes on it.  Is something wrong on my state form?

[ErnieS0 · Accepted solution]

Unrealized capital gains are not reportable and not taxable. You only have a gain or loss when you sell a stock.

If you entered unrealized capital gains on federal, remove them.

If you are referring to realized capital gains, you can adjust your capital gains in the Wisconsin section. Capital gains are taxable in WI.

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.

To exclude capital gain from your Wisconsin nonresident return:

• Go to the Wisconsin section of TurboTax
• Keep going until you reach Here's the income that Wisconsin handles differently
• Edit Wisconsin Capital Gains and Losses
• Say YES to Adjustments for Capital Gains and Losses?
• Continue to Short-Term Capital Gains and Losses Summary if you have short-term transactions and click Edit.
• On Short-Term Gain or Loss check the box Don't report on my Wisconsin return
• Do the same thing for Long-Term Capital Gains and Losses