Ask Terry Questions regarding proceeds from land sale in Wisconsin for Illinois residents

regarding proceeds from land sale in Wisconsin for Illinois residents

By Terry Savage on August 17, 2021 | Housing / Real Estate

Dear Ms. Savage,
I’ve appreciated your appearances on WGN and your way of communicating financial advice.
My husband and I are selling our 65acre wooded parcel in Wisconsin. We have owned the land for 25 years and are both Illinois residents who live in a Chicago condo we own. We plan to purchase a Wisconsin property with a home. How do you think we need to arrange our finances when we receive the land sale proceeds?
Thank you!

Terry Says

I think you need a qualified CPA to help you through this process. It’s not as easy as it seems. Wisconsin has its own capital gains tax. Read this article. And read this article about capital gains on out of state sales.

I don’t have the answer to the question of how you report these gains, or if you’re required to file even though you’re not a resident of that state. And that’s why you need a CPA who can give you a definitive answer to that question!

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