Re: Sch D. Prt 2, clmn e.

whosyerdeady@xxxxxxxxx wrote:

[...]
Does that include state tax on the gain?

You mean state income tax on the gain on the sale? No.

If you mean some state transfer tax, or other tax paid on the sale (but not
income tax on the gains), then most likely yes.
[...]
Where is s tate income tax deducted?

The cal NR form is involved too 940nr, non res.

Please don't confuse California's income tax withholding on the proceeds of a real estate sale with the actual tax liability. The withholding is mandatory (except for sale of your primary residence, sale at a loss, and a few other exceptions) and depending on the formula used, may be way higher than your ultimate tax liability (a change was put in this year I think to allow for a more accurate estimate). You can deduct this state income tax withholding on Schedule A but often you will get a large state tax refund the following year which then becomes taxable income.

-Mark Bole



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