I am an NJ resident and New York Nonresident. I received a K1 from an NY partnership where I am a passive (don't actively participate in the business) LP with a capital gain.
I only received an NJK-1 and did NOT receive a New York K-1.
Do I need to allocate the capital gain within Turbotax to New York since the partnership is an NY partnership?
Do passive partnership capital gains count as "NY partnership gain" or as "other income from intangible personal property"?
Relevant tax info:
NY state tax is confusing to me as it has the following:
NY counts source income for nonresidents for: "your distributive share of New York State partnership income or gain;"
NY does NOT count source income for nonresidents for: "interest, dividends, or other income from intangible personal property, or gains from the sale or exchange of intangible personal property, unless the intangible personal property is employed in a business, trade, profession, or occupation in New York State;"
