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Old 04-06-2009, 10:14 AM
 
Location: Central Maine
1,473 posts, read 3,182,959 times
Reputation: 1296

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I moved to Virginia in June of last year because of a job transfer. I sold my house in Maine before leaving and am renting here. When I went to file this year's taxes in VA, it looks like I receive neither the standard deduction nor the itemized deductions from my federal return. Since all my mortgage interest was paid in Maine and all property taxes were paid in Maine, and I itemized my federal taxes (due to those items), TaxCut says I can deduct nothing from my VA income. This amounts to me owing almost $2,000 in additional VA taxes, or a 50% increase. Since Maine prorates my income, deductions and tax, I lose over 50% of the value of those deductions in Maine.

What am I missing here?
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Old 04-06-2009, 10:25 AM
 
Location: Springfield
2,765 posts, read 8,295,317 times
Reputation: 1112
Makes perfect sense. I don't think VA wants to loose tax revenue because you own a house in Maine. Virginia wants you to buy a house here and start paying property taxes before you can take a deduction.

http://www.irs.gov/pub/irs-pdf/p936.pdf
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Old 04-06-2009, 10:55 AM
 
Location: Central Maine
1,473 posts, read 3,182,959 times
Reputation: 1296
Quote:
Originally Posted by VRE332 View Post
Makes perfect sense. I don't think VA wants to loose tax revenue because you own a house in Maine. Virginia wants you to buy a house here and start paying property taxes before you can take a deduction.

http://www.irs.gov/pub/irs-pdf/p936.pdf
Actually, what you said makes a little sense if Virginia didn't tie how you file in Virginia to how you file your federal taxes. People itemize their federal tax return because they have deductions in the United States, then Virginia not only strips them away, but keeps you from taking a pro-rated standard deduction (like everyone else without enough to itemize). It seems like they should do one or the other, not both, but this is Virginia after all.
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