Submitted by boingochoingo t3_10w56s9 in RhodeIsland
fishythepete t1_j7pmsko wrote
Reply to comment by brianv83 in Is it me or is everyone relocating to RI? by boingochoingo
You are completely misinterpreting this. Yes, 6% of the sale is withheld. Just like federal taxes are withheld when you get a paycheck. When you file your taxes, if you do not owe capital gains or other taxes, it will be refunded.
It’s meant to keep retirees from cashing out and leaving the state, skipping out on capital gains tax.
[deleted] t1_j86oj2p wrote
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