out of state capital gains tax filing

[perrytime]

I live in FL, sold some inherited property in KY, with a gain. In turbo tax do I open it and down load state return and follow the forms, keeping my federal tax return in a whole separate document? I have stock loses to offset gains on my Federal return, i assume that won't apply to KY?

 

[pb4uski]

You'll have one file with federal and KY. You'll need to download each state that you need (KY in your case). I think that only items relating to your KY income will apply, so unless the stock sold with a loss was held in a KY addressed account, it will not count for KY.

 

[Sunset]

Generally anything inherited has a stepped up basis on the date of death, so if you recently inherited it, it won't have any gain to speak of.