I lived in 2 states in 2020. January - October I lived in state 1 and November & December I lived in state 2.
I own a rental property in state 1 but live in state 2.
My losses were -8,767 for the 2020 year.
How do I split this -8,767 between the 2 state returns? Thanks.
The entire loss goes on your state 1 return. But 1/6 of it (-1461) also goes on your state 2 return.
The general rule is you report all you income in your resident state, even the income earned in other states. If there is any double taxation, your resident state gives you a credit.
You file as a part year resident for both states. You report the entire loss on the state 1 return because the last 2 month was "earned" there, as well as the first 10 months. You report the 2 month loss on the state 2 return because the loss was received while you were a resident.
The mechanics of how you do all that depends on what the 2 states are. In general, prepare state 1 first.
The entire loss goes on your state 1 return. But 1/6 of it (-1461) also goes on your state 2 return.
The general rule is you report all you income in your resident state, even the income earned in other states. If there is any double taxation, your resident state gives you a credit.
You file as a part year resident for both states. You report the entire loss on the state 1 return because the last 2 month was "earned" there, as well as the first 10 months. You report the 2 month loss on the state 2 return because the loss was received while you were a resident.
The mechanics of how you do all that depends on what the 2 states are. In general, prepare state 1 first.