All Forum Posts by: Buddy Holmes

@Dave Toelkes, Thanks!!

Now I get the picture. and understand what the 6% value is and why it was quoted in the article I read.

SC, I assume then will not tax me on the LTCG and allow me to show the GA Tax paid.

I have some other net losses on Rental properties in GA, that SC does not allow, but I guess they can offset the LTCG in coming up with GA income that is taxable in GA and hence what % tax is due. 

Thanks for your insight.

Buddy

@Brian Schmelzlen, Thanks for the quick note.  I have the IT-AFF2 which allows the 3% W/H to be on the capital gain rather than sales price, which is a big relief.

I still wonder  about the fact that they only want to W/H 3% when it looks like the actual tax is 6% of capital gain.   Perhaps there is a scale for Georgia taxable income that is unmentioned?

I am selling a home in Georgia as a non Resident.

I am told a 3% of Cap Gaines will be with held for the GA IRS.

I read that GA Capital Gaines tax is 6% and they seems to be no Long term/short term differential.

I understand that I will need to file a non-resident GA tax return for 2018 to get a refund of W/H or pay more tax, perhaps up to another 3%.

Is this understanding correct?

Then my South Carolina Tax folk will want their cut of the Capital Gain as well?

Cheers,

Buddy

i am considering a 1031 exchange on a rental home. I have about 80K of depreciation and would have about 40k of LTCG tax if not for the 1031 Ex.

I would like to take about 30-50% boot or cash out.

I assume the LTCG is the proportion of the 40K.

How would the depreciation recapture calculation work?

Cheers

Buddy