Q: If I paid capital gain taxes in Ga for $5500 do I have to pay California tax of $7500
Rental house in Ga
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A:
If you paid capital gains taxes in Georgia for the sale of a rental property located in Georgia, you generally would not have to pay California state taxes on the same transaction, as long as you are not a California resident and do not have any other California-sourced income.
However, it's important to note that California has its own unique tax laws and requirements, and there may be circumstances where you would owe California taxes on capital gains from the sale of property. For example, if you are a California resident or if the property was located in California, you may be subject to California taxes on the sale.
If you have questions about your specific tax situation, it's important to consult with a qualified tax professional who can help you understand your tax obligations and minimize your tax liability.
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