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Updated over 5 years ago on . Most recent reply
State Tax
Hypothetical scenario: I live in CA and purchased a rental in NC that my brother manages. If I have a $10,000 taxable profit (after depreciation etc) from that property. I am in the 9.3% CA income tax bracket, and NC has 1 tax rate of 5.75% As I understand it, I would owe $575 to NC in income tax (5.75%) and $355 (difference between 9.3% and 5.75%) to CA, is this correct?