Are the proceeds from the sale of vacant land taxed in state of sale(ME) or my state of residence(VT)?
02369
1 Best answer
Critter
Level 15
Jun 3, 2019 11:28:16 AM
Both ... ME will tax the sale only and VT will give you a credit for the ME taxes you paid so you are not double taxes ... BUT you MUST complete the ME return first and the the VT return for the credit to work properly.
2 Replies
Critter
Level 15
Jun 3, 2019 11:28:16 AM
Both ... ME will tax the sale only and VT will give you a credit for the ME taxes you paid so you are not double taxes ... BUT you MUST complete the ME return first and the the VT return for the credit to work properly.
Marsh4
New Member
Jun 3, 2019 11:28:17 AM
Thank you so much. This was my thought but I'm glad to have it confirmed!