@harryhk wrote:
thanks for the reply. We live in WA. Does stock gain belong to community property?
In most cases ALL income earned while married in a community property state is community income if jointly owned. There are exceptions for married spouses that live apart for the entire year.
Allocating community property in a community property state can be vary complicated if special circumstances exist and might need a tax professional that knows the laws of your state which are different in each community property state. The IRS rules defer to state law. It is usually much better to file jointly if at all possible.
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
