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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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- How do I split out Virginia portion of capital gains for a VA Form 760?
How do I split out Virginia portion of capital gains for a VA Form 760?
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davetodd11
Level 5
01-21-2022
11:08 AM
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My client is a full-year Virginia resident and sold rental properties in North Carolina and Virginia in 2021. The vast majority of the capital gains was for North Carolina. The North Carolina (non-resident) return allows for the entry of a breakout of the capital gains on D-400 Sch PN, which results in the proportionate lowering of the North Carolina taxable income on line 14 of the form D-400.
In contrast, Virginia form 760 apparently has no similar provision by which I can indicate the remainder of the capital gains as being attributed to Virginia sources. Line 15 of VA Form 760 reflects the full amount as Virginia taxable income. On line 24 of the 760, it does apply a credit for tax paid to another state, but as the tax rates are different between the two states, I believe the best way to report the income is for the VA 760 to show just the Virginia portion of the taxable income and just the Virginia tax associated with that portion. Is this not correct?
In contrast, Virginia form 760 apparently has no similar provision by which I can indicate the remainder of the capital gains as being attributed to Virginia sources. Line 15 of VA Form 760 reflects the full amount as Virginia taxable income. On line 24 of the 760, it does apply a credit for tax paid to another state, but as the tax rates are different between the two states, I believe the best way to report the income is for the VA 760 to show just the Virginia portion of the taxable income and just the Virginia tax associated with that portion. Is this not correct?
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