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Level 1
November 16, 2022
Question

Capital Gains

  • November 16, 2022
  • 1 reply
  • 9 views

My husband purchased property in Oklahoma in 1975.  He paid @$1000 for it.  We live in Florida and have an opportunity to sell it for $18,000 by the end of this year.  What are our tax/capital gains consequences in Florida and/or Oklahoma?

    1 reply

    John-H2021
    Level 6
    November 16, 2022

    Hello Sherrie,

     

    For Florida you don't need to file anything as there is no state income tax

    For Oklahoma you would need to file a non resident return reporting the gain on the sale of the property.

     

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