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K
Kobebean
Level 3
March 1, 2022
Question

Captial gains on Sale of Rental

  • March 1, 2022
  • 1 reply
  • 3 views

Hello,

 

I have a client who has Rental property in Texas but lives in CA. He sold that property in 2021 and has a capital gains for Federal.. Does he have to report Capital Gains in CA for the sale of the rental or because TX has no state tax he is off the hook? If so how do I stop  CA from taxing him as it carries over from the FED?

 

Thanks

This topic has been closed for replies.

1 reply

Just-Lisa-Now-
Just-Lisa-Now-Intuit Community Champion
Intuit Community Champion
March 1, 2022

If hes a CA resident, he will pay taxes on that gain to the state of CA. 

If TX had charged him income taxes as well, then CA would give credit for taxes paid to TX, so not to be double taxed, but TX has no income taxes, so this doesn't factor in.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
K
KobebeanAuthor
Level 3
March 1, 2022

Thanks 

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