Solved: Sold property with pole barn in non-residental state for same price as the basis. Do I need to report this in both resident and non-resident states and in what order?
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Sold property with pole barn in non-residental state for same price as the basis. Do I need to report this in both resident and non-resident states and in what order?

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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Level 1

Sold property with pole barn in non-residental state for same price as the basis. Do I need to report this in both resident and non-resident states and in what order?

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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3 Replies
Level 1

Sold property with pole barn in non-residental state for same price as the basis. Do I need to report this in both resident and non-resident states and in what order?

Did you receive a 1099-S for the sale?
New Member

Sold property with pole barn in non-residental state for same price as the basis. Do I need to report this in both resident and non-resident states and in what order?

As part of the closing documents from the title company there was a form titled "Information for Real Estate 1099-S" that had to be completed and it said that the information was being provided to the IRS. I physically did not receive a completed1099-S in the mail.
Level 1

Sold property with pole barn in non-residental state for same price as the basis. Do I need to report this in both resident and non-resident states and in what order?

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. 

View solution in original post

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