Posted by Randy_OH on March 14, 2002 at 21:56:07:
Depends on the taxable income from the property. You may be required to pay some tax to IL, but if you do, you will be able to take it as a credit on your CA return. Of course, you will have to report the income, if any, on both state returns, but there is no double taxation because of the credit on the CA return.
Tax Question Live in CA, own RE in IL - Posted by Pradeep Bhatia
Posted by Pradeep Bhatia on March 14, 2002 at 21:31:54:
I have a tax related question. I am a california resident and own a townhome in Chicago. I am wondering if I have to report the rental income for my state taxes on both IL and CA state returns. If so, wouldn’t that be double taxation of my income in regards to the two states. Any insight from folks who have experience in this will be greatly appreciate. You may write to me directly at Pradeep_Bhatia@yahoo.com if you wish. Thanks in advance for your insight.