Why Isn't Sale of Investment Property in Other State Showing in that State Return?

Forum|Forum|4 years ago
March 16, 2022
1 reply
16 views

Folks:

Client had a rental property in a foreign state. She sold it mid-year. There was a loss for the year, so no income to report. The capital gain on the sale appears on the federal return and her home state return--but shouldn't it be on the foreign state return instead of her home state?

Micah

Lacerte Tax

This topic has been closed for replies.

Best answer by msindc1

Thanks for your response.

I should have been clear: I entered the sale in Screen 22 (Depreciation). I did make sure that all entries associated with the income/expense and the sale of the property have the foreign state tagged. In fact, I'm going to double chec--- uh, oops. All entries EXCEPT the one key entry (income from sale) had the foreign state. Sigh.

Sorry--and thanks!

M.

George4Tacks

Level 15

You need to be sure the indicators for state on the sale are all tied to the foreign state. It should then show up on foreign state and resident state.

More info on how you made the entries and for which type of entity will help if this answer is not sufficient.

Answers are easy. Questions are hard!

M

msindc1AuthorAnswer

Level 5

Thanks for your response.

I should have been clear: I entered the sale in Screen 22 (Depreciation). I did make sure that all entries associated with the income/expense and the sale of the property have the foreign state tagged. In fact, I'm going to double chec--- uh, oops. All entries EXCEPT the one key entry (income from sale) had the foreign state. Sigh.

Sorry--and thanks!

M.

Sign up

Login with SSO

Let's get you signed in

Login with SSO