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Out-of-State Income or Gain. Income is very different from Gain. Which to enter?

Forum|Forum|6 years ago
May 1, 2020
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On my resident state taxes, a screen wants me to enter: "Out-of-State Income or Gain". I have an out of state rental property. Income for my rental is very different from Gain for my rental (Income minus Expenses). The description on the screen is not clear which one to enter.

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Best answer by pete944

I subsequently posed this question directly to Turbotax/Intuit and they said to enter my rental property gain.

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pete944AuthorAnswer

I subsequently posed this question directly to Turbotax/Intuit and they said to enter my rental property gain.

Carl11_2

Employee

What is your resident state? What is the non-resident state where the rental property is? Also be aware that when filing multiple state returns, save your resident state for *LAST*. That way if the states you're dealing with have a reciprocal tax agreement, the program will be able to handle it correctly. So for this reason do not file *any* tax return until you have completed *all* tax returns and are satisfied with the results of "everything".

"@TurboTaxSee flagging you on this." because even I don't know what "the program" means here. Apparently, there's a difference between income and gain? Need this clarified once the states involved have been identified by @pete944

If "gain" and "income" are the same, then I would expete pete944 to be entering a zero unless there's something else not clarified on the screen that we're not aware of.

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pete944Author

I've received an answer from Turbotax/Intuit to use my rental Gain amount, which I have done. But to answer your questions, my resident state is South Carolina, non-res is Calif. And I did do my Calif taxes before doing my SC taxes.