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State Capital Gains on sale of home?

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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
 


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Paultheyounger

Guest
Still looking for an answer to this if anyone can point me in the right direction......thanks.

- Paul
 

abezon

Senior Member
MI taxable income is computed from federal AGI. There is no requirement that gains from the sale of a personal residence be added on Schedule 1.
 

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