Welcome Guest. Register Now!  


Pennsylvania PA


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-01-2016, 08:26 AM
Junior Member
 
Join Date: Oct 2015
Posts: 7
Cap Gains on Real Estate outside PA

Do I have to include capital gains on sale of real estate outside of Pennsylvania in my PA return?

I think I understand that, if I do, I get a tax credit in PA for what I paid to the other state. Correct?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 01-02-2016, 02:33 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
________________________________________
Do I have to include capital gains on sale of real estate outside of Pennsylvania in my PA return?=>>I believe so aslongas you are full year resident of PA.as a full year resident of PA,
You must report all income /losses regardless of the source from which you earned, received, or realized the income /loss.



I think I understand that, if I do, I get a tax credit in PA for what I paid to the other state. Correct?======>>>.In general yes; as you are NOT subject to double taxation.you usually can claim taxes paid to another state on your PA return.pleae contact the PA dept of revenue foro more info jn detail.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Capital gains on jointly owned investment real estate nick06 Capital Gains 1 09-05-2015 11:14 PM
real estate sale and capital gains question johnsusan Capital Gains 1 03-25-2015 12:43 AM
Capital Gains Real Estate Proceeds josh d Capital Gains 0 12-19-2014 04:19 PM
Is the Real Estate Withholding Tax an additional tax on sale of Oregon Real Property? TaxGuru Oregon 0 11-04-2010 12:03 PM
Real estate professional offsetting Real Este losses against spouse's W-2 income MRAMANNA Rental Real-Estate 2 03-08-2009 01:49 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.