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    venupogal's Avatar
    venupogal Posts: 20, Reputation: 1
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    #1

    Mar 29, 2010, 10:36 AM
    Short term investment - State tax.
    Should I report the income that I got for short term return on investment(selling shares which I held less than 1 year) for state tax too?

    I am reporting for FED. Not sure if I have to pay taxes for State too? I am resident of Alabama.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
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    #2

    Mar 29, 2010, 11:20 AM

    Yes, you do report the gain from sales of investments to AL - you report it on Schedule D and carry to Form 40 as "Other Income" on page 2, Part 1, line 3 - "Gain (or loss) from sale of Real Estate, Stocks, Bonds, etc."
    venupogal's Avatar
    venupogal Posts: 20, Reputation: 1
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    #3

    Mar 29, 2010, 11:28 AM

    Thank you.
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