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F
fawwood
February 1, 2021
Question

Georgia retirement exclusion

  • February 1, 2021
  • 1 reply
  • 0 views

My wife & I sold a residential rental property in 2020.

I now am filling out the GA state Tax return and it is asking how do I want to 

allocate the income in the "GA retirement exclusion" section.

 

The property was jointly owned by my wife & myself.

Can I allocate the entire income amount to my wife or does the income have to split 50/50?

 

Thanks  

    1 reply

    M
    MAK70
    February 1, 2021

    For the Georgia Retirement Exclusion, the Georgia instructions say "If any item is held jointly, the income or loss should be allocated to each taxpayer at 50%".

     

    See 2020 IT-511 Individual Income Tax Booklet 

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