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tjmags3
New Member

I had 30K in CA state taxes from a property sale withheld during sale. Where do I indicate this in Turbo Tax?

This was for an investment property
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2 Replies
DianeC958
Expert Alumni

I had 30K in CA state taxes from a property sale withheld during sale. Where do I indicate this in Turbo Tax?

You add the information for the California Tax withheld by going to

  • Federal
  • Deductions & Credits
  • Estimates and Other Taxes Paid
  • Estimates
  • State Estimated Taxes for 2019

 

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I had 30K in CA state taxes from a property sale withheld during sale. Where do I indicate this in Turbo Tax?

In addition to the reply above just be sure that you do not count the tax portion twice by also counting it as a sales expense.  It will be listed as FTB withheld (franchise tax board) on your final sales statement but should not be counted as an actual expense, rather as an estimated tax as mentioned by previous reply.

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