Hello!
I am Michigan resident. I sold a home in another country. Do I have to pay any Michigan taxes on it? Capital gains are above $100 000 and there is no federal tax liability because of foreign tax credit.
If yes, do I have to pay MI estimated tax? This is my first year in USA as permanent resident.
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No, you do not have to pay Michigan estimated taxes.
Per state rules, any portion of the foreign income included in adjusted gross income is subject to Michigan tax. However, Michigan allows residents to exclude foreign earned income that qualifies under federal IRC section 911. Please see this 2002 revenue administrative bulletin for more detail.
http://www.michigan.gov/taxes/0,4676,7-238-75545_43715-248934--,00.html
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