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thurms
New Member

We are residents of Colorado but sold property in Texas. I now that we have to pay capital gains but I don't know how or to whom, Texas or Colorado and at what percent?

 
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TomD8
Level 15

We are residents of Colorado but sold property in Texas. I now that we have to pay capital gains but I don't know how or to whom, Texas or Colorado and at what percent?

Texas has no capital gains tax.

Colorado bases it state income tax on your federal taxable income, which would include any taxable capital gain.  But Colorado allows you to deduct the gain on qualified transactions.  This web reference gives the details:  https://www.colorado.gov/pacific/sites/default/files/Income15.pdf

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

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TomD8
Level 15

We are residents of Colorado but sold property in Texas. I now that we have to pay capital gains but I don't know how or to whom, Texas or Colorado and at what percent?

Texas has no capital gains tax.

Colorado bases it state income tax on your federal taxable income, which would include any taxable capital gain.  But Colorado allows you to deduct the gain on qualified transactions.  This web reference gives the details:  https://www.colorado.gov/pacific/sites/default/files/Income15.pdf

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
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