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Question

Capital Gains

Forum|Forum|2 years ago
March 25, 2024
1 reply
0 views

If I sold our second home (not rental) in Missouri but my main residence is in NC, will I need to pay capital gains in both NC and MO? Will I have to do two state returns?

Thanks.

Yes. Your home state will tax all income from all sources world wide and MO will tax income that is derived from a source in their state. You will need to file your MO non resident return first and then your NC resident return to claim the credit on your NC return for taxes paid to MO.

Credit for Income Tax Paid To Another State or Country

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