Question

Rental Property Income

Forum|Forum|4 years ago
April 11, 2022
2 replies
0 views

Hello,

I inherited rental property last year. I live in West Virginia but the rental property is in Virginia. Do I need to file a Virginia state tax return? Will I pay taxes in both states?

thank you,

Bec

ColeenD3

Yes, you will include the income in both states. To help prevent payment of taxes to multiple states on the same income, Virginia law provides a credit for taxes paid to another state. If any part of your Virginia taxable income is also taxed by another state, this credit may be available to you.

VA

Carl11_2

Employee

It is "IMPORTANT" that you start and complete your *resident* state tax return last, assuming your resident state taxes personal income. That is the only way the program will "know" you were already taxed on that income in another state, so it can give you credits for those taxes paid to a non-resident state.