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Best Answer Click here
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Assuming that you called it a second home because it is not a rental, no.
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It was a second home used for personal family use, and never a rental. They have an approximate LT capital gain of $90,000. So I just report the transaction on Sch D? They never received a 1099-S or 1099-B since the home was located in WA state and they are residents of CA.
Will the state of WA also tax the income because CA surely is??
Thanks,
wadams37
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I found these IRS resources for you:
https://www.irs.gov/faqs/capital-gains-losses-and-sale-of-home
And I found this one:
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WA has no state income tax.
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WA has a real estate excise tax, though.
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Can the WA excise tax be deducted as a Real Estate tax on Schedule A?
Thanks,
wadams37
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It's not a property or sales tax. As a cost of selling, it would reduce the gain on the property.
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