Capital Gains

[sherrie2]

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?

[John-H2021]

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.