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J
jecker817
Level 3
March 16, 2023
Question

I have a client who sold their home and had a $12, 500 taxable gain. The tax on federal is zero, but do they pay state tax on that?

  • March 16, 2023
  • 2 replies
  • 16 views
the state is Kansas.  
This topic has been closed for replies.

2 replies

IRonMaN
IRonMaN
Level 15
March 16, 2023

What happens when you prepare the Kanas return?

Slava Ukraini!
    J
    jecker817Author
    Level 3
    March 16, 2023

    it includes the $12500 and taxes it

    IRonMaN
    IRonMaN
    Level 15
    March 16, 2023

    It sounds like it taxes it then.  Have you checked the instructions to see if there is some kind of exclusion since that's what it sounds like what you are looking for.

    Slava Ukraini!
      sjrcpa
      sjrcpa
      Level 15
      March 16, 2023

       Federal tax is zero because they must be in a low enough bracket where capital gains/qualified dividends are taxed at 0%.

      Kansas probably does not have such a thing.

      The more I know the more I don’t know.
        Camp1040
        Camp1040
        Level 10
        March 16, 2023

        Is the taxable gain after the primary residence sale exclusiion?

          Camp1040
          Camp1040
          Level 10
          March 16, 2023

          My accounting 101 instructor said with a souther drawl "I spoon feed my students"

          https://listwithclever.com/real-estate-blog/the-ultimate-guide-to-kansas-real-estate-taxes/

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