P
Paultheyounger
Guest
What is the name of your state? Michigan
In 2002 I sold my primary residence (owned and lived in for 6 years) and bought a new home, both in Michigan. I understand that I do not need to claim the sale on my US1040, because the entire profit (about 40K) is excludable. I understand this to mean that I do not need to file a US1040 Schedule D.
But is there such an exclusion from Michigan capital gains tax, or do I need to claim this income on my state return? Do states generally follow the federal exclusions?
Thanks for your help!
- Paul
In 2002 I sold my primary residence (owned and lived in for 6 years) and bought a new home, both in Michigan. I understand that I do not need to claim the sale on my US1040, because the entire profit (about 40K) is excludable. I understand this to mean that I do not need to file a US1040 Schedule D.
But is there such an exclusion from Michigan capital gains tax, or do I need to claim this income on my state return? Do states generally follow the federal exclusions?
Thanks for your help!
- Paul