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Residence sale State of Illinois rules

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    Residence sale State of Illinois rules

    Client received a 1099S for sale of home $26,500. Only other income is social security.
    Although she is now an Arkansas resident, the home sale was in Illinois. It meets requirements for exclusion from federal tax. I have hunted on the Illinois website and in All States book. The only thing for federal affecting taxes is the Telephone rebate. Questions unanswered are:

    1. Does Illinois follow the federal home sale exclusion?
    2. This was the only transaction in Illinois - Does any paperwork need to be done for Illinois?

    As usual, thanks for your help.

    LT
    Only in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".

    #2
    Illinois preparers - Help?

    Just bringing this back to the top.
    Only in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".

    Comment


      #3
      Illinois

      1. Does Illinois follow the federal home sale exclusion? Yes

      2. This was the only transaction in Illinois - Does any paperwork need to be done for Illinois? Only to the extent that there is Illinois income included on the TP federal AGI. Social Security is dedcuted from Illinois income and there aren't any other schedules that I am aware of regarding home sales (as long as it was not used for business purposes).

      From the sound of your post, there is no reason to file an IL return.
      Noel
      "Some cause happiness wherever they go; others, whenever they go."- Oscar Wilde

      Comment


        #4
        Thanks Accownt4it

        I really appreciate your input.

        LT
        Only in government or politics is a "cut in spending" really an increase. It's just not as much of an increase as they wanted it to be, therefore a "cut".

        Comment

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