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Capital Gains in California for Foreign Residents
If a US citizen is a resident of a foreign country, does he need to pay state tax on capital gains from a K-1 for a Calif LLC?
For this person, do state taxes apply if the capital gains is only based on the sale of the shares of the Calif LLC (and not a K-1)? |
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If the U.S. citizen is NOT located in California and never lived there, then NO California tax should be due.
However, if you lived in California when the LLC was set up with you as part owner, then California will want you to pay taxes on the capital gains from the sale of the LLC shares. |
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