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D
deocarreira
March 2, 2023
Question

What is the Georgia retirement exclusion and how do we allocate it between taxpayer & spouse if filing jointly for capital gains on sale of land?

  • March 2, 2023
  • 1 reply
  • 0 views
Sold a piece of land, entered into Federal portion of return, and now on State is telling me we need to allocate between the spouses.  How do I do this?

1 reply

J
JamesG1
March 2, 2023

The TaxBook for Georgia page GA-3 states:

 

Income from property that is jointly owned should be allocated to each taxpayer at 50% of the total value.

 

You are able to make the allocation at the screen We need a few details in the Georgia state tax return.

 

 

 

You may view the allocation on Schedule 1.

 

 

The TaxBook Georgia page GA-3

 

 

@deocarreira 

 

 

 

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D
deocarreiraAuthor
March 2, 2023

Thank you so much for this quick response.  Take care!

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