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Do i need to pay capital gain tax to state of idaho if i sold a real property in california state?

nora2
Level 2
Dual State (Idaho and California) tax on capital gain
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abctax55
Level 15

Then I'd guess yes.  Virtually ALL states tax their residents on ALL income.  Most states have some kind of reciprocity with the other state that also taxes the sale due to nexus.

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abctax55
Level 15

Are you a resident of Idaho, or CA?  Or in transition?

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nora2
Level 2

Full year of ID resident in 2020.

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abctax55
Level 15

Then I'd guess yes.  Virtually ALL states tax their residents on ALL income.  Most states have some kind of reciprocity with the other state that also taxes the sale due to nexus.

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nora2
Level 2

Thanks!

sjrcpa
Level 15

And you generally get a credit on your resident state return for tax paid to the nonresident state on the same income.


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abctax55
Level 15

AZ (I think it's AZ) doesn't, for CA.  

Who knows about ID.... and I'm not going to look it up on a snowy Friday afternoon.

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qbteachmt
Level 15

It's astonishing what's on the web:

"Idaho allows a capital gains deduction for qualifying property located in Idaho....

Property that doesn't qualify

Gains from the sale of the following don't qualify for the deduction:

  • Real or tangible personal property not located in Idaho"
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qbteachmt
Level 15

@nora2 

Are you using Lacerte to prepare your taxes?

Or, are you using TurboTax?

This is a community for using Lacerte.

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte , and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Thanks.

 

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