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Level 1

Question

Capital gains

1 reply
12 views

Just sold vacation condo in South Carolina. Used only for personal use. Had it for 2 years. After all closing costs, capital gain is $70K. Then 7% capital gains tax for South Carolina was deducted,$4,900 and paid to SC. When I figure Federal capital gain, do I use

&70k or 70k minus $4,900 ($65,100)

Level 5

The SC capital gain taxes is on the total gain less selling expenses. The state taxes are not deducted in calculating the capital gain.

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