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How does California calculate the gain on the disposition of rental property?

August 10, 2011


From:  Carolyn
Date:  3 Apr 2010

Does California calculate the gain on the disposition of a rental property the same way as on the federal income tax return? Are certain costs disallowed?

My tax software is not including adjustments to basis which includes the land and the other costs associated with previous refinancing that could not be previously deducted?

Answer

Date:  9 Apr 2010

Hello Carolyn,

You might be having some difficulty with the details of handling state reporting with your software. There are occasionally some differences for items like depreciation methods between federal and California reporting, depending on when the property was acquired, but mostly the information is usually the same.

I suggest that you call technical support at the software company for help.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

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How does California calculate the gain on the disposition of rental property?

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