Sold a parcel of land with a pole barn in Michigan and I am a resident of Oklahoma. Sale price was the same as the basis resulting in no loss or gain. Do I need to report this transaction in both Michigan as a non-resident and in Oklahoma as a resident since there is no gain or loss to report? If so in what order to I need to complete the forms?
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Yes, you need to report on your federal, Michigan non-resident return and Oklahoma resident return in that order.
Even though you will not owe tax, MI will receive notice of the sale and you will need to report so that there is a record of your cost basis. It will be worth it to file the tax return now, rather than prove it later.
You should complete your federal return, then your MI non-resident return, and finally your Oklahoma resident return. TurboTax will import the information from your federal return to your state returns.
Yes, you need to report on your federal, Michigan non-resident return and Oklahoma resident return in that order.
Even though you will not owe tax, MI will receive notice of the sale and you will need to report so that there is a record of your cost basis. It will be worth it to file the tax return now, rather than prove it later.
You should complete your federal return, then your MI non-resident return, and finally your Oklahoma resident return. TurboTax will import the information from your federal return to your state returns.
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