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January 8, 2025
Question

Payment of Capital Gains for State

  • January 8, 2025
  • 1 reply
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My wife recently sold some foreign property she owned with her sister. She is a permanent resident and lives in the state of Michigan with me. Does she have to pay capital gains taxes for the state of Michigan on this property  she sold overseas?

    1 reply

    January 8, 2025

    @brianjdombrowski in Michigan, it is all taxed as ordinary income; there is not a differentiated tax rate called "capital gains".