Is interest income on property sales taxable if I move to Nevada?
April 28, 2003
Subject: California Tax Liability
Date: Tue, 07 Jan 2003
Hi Mike -- After my wife and I move to Nevada, our primary income with be interest derived from the carry-back of property which we recently sold in California. I believe that any capital gain from the sale is subject to California taxes. Is the interest income also taxable in California?
Date: 04 Apr 2003
The interest will not be taxable by California. See FTB Publication 1100, Taxation of Nonresidents and Individuals Who Change Residency.
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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