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State capital gains tax
Hi, I'm a resident of Texas, a non income tax state. In 2007 I sold some property in Alabama & they claim I owe them taxes on the gains. I'm employed by a firm in ky, an income tax state, but being a tx resident my wages are not taxed by ky. As a non-resident of al can they legally assess my gains? Thanks, noboat
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Since the property is in AL, they can tax you for gains because the gains are from an AL source. See the instructions for schedule D of their Form 40NR (for non-residents):
http://www.revenue.alabama.gov/incom.../07f40nrbk.pdf The gain or profit from any sale, exchange, or other disposition by a nonresident of real or tangible property located in Alabama is taxable even though it is not connected with a business carried on in this State. |
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