diff --git a/src/qemu/qemu_tpm.c b/src/qemu/qemu_tpm.c
index b2748eb6a4..5831ffc32e 100644
--- a/src/qemu/qemu_tpm.c
+++ b/src/qemu/qemu_tpm.c
@@ -1142,7 +1142,7 @@ qemuExtTPMStop(virQEMUDriver *driver,
         return;
 
     qemuTPMEmulatorStop(cfg->swtpmStateDir, shortName);
-    if (outgoingMigration || qemuTPMHasSharedStorage(vm->def))
+    if (outgoingMigration && qemuTPMHasSharedStorage(vm->def))
         restoreTPMStateLabel = false;
 
     if (qemuSecurityRestoreTPMLabels(driver, vm, restoreTPMStateLabel) < 0)