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Updated almost 6 years ago,
paying taxes in real estate capital gains in another state
Hi everyone. I live in California. I just sold a vacant lot in Oregon that I had owned for 2 years. I made about $20k in profit in long term capital gains. On my 1040 form, I have about $30k to write off for my long term capital loss. My tax person told me that I don't have to pay any federal taxes because I have that write-off. However, I was told that I need to pay about 8% tax to the State of Oregon for that $20k profit.
I don't understand why I need to pay taxes to the State of Oregon for that capital gains since I have a long term capital loss on the federal level. Has anyone here gone through something similar? Thanks.