Lived in California till March and then moved to T...
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rjvs876
Returning Member

Lived in California till March and then moved to TX. I have capitol gain/loss for the whole year. So for capitol gain/loss , how to divide loss/gain between the states?

 
5 Replies
TomYoung
Level 13

Lived in California till March and then moved to TX. I have capitol gain/loss for the whole year. So for capitol gain/loss , how to divide loss/gain between the states?

The date of the transactions dictates how you split the resulting capital gains and losses.  Gains and losses while you were a resident of California go on the California income tax return.  If the securities sold while a Texas resident create compensation income because the securities were employee stock granted to you while a California resident then California will claim that compensation as taxable income, but not the capital gain or loss.

rjvs876
Returning Member

Lived in California till March and then moved to TX. I have capitol gain/loss for the whole year. So for capitol gain/loss , how to divide loss/gain between the states?

Thank you for your response. I am referring to stock trades not employee stock grants. For example i buy stock for $1000 while in california on 01/30/2019 and i sold in 04/01/2019 in texas for $1200. How the calculations works? Here $200 gain goes to california?

 

TomYoung
Level 13

Lived in California till March and then moved to TX. I have capitol gain/loss for the whole year. So for capitol gain/loss , how to divide loss/gain between the states?

I should have been clearer.  The sales date is what's governs what state gets to claim the income.

rjvs876
Returning Member

Lived in California till March and then moved to TX. I have capitol gain/loss for the whole year. So for capitol gain/loss , how to divide loss/gain between the states?

extremely sorry for asking toomany questions. THank you very much. I still have problem. I am using turbotax deluxe. here is one transaction.

First, enter the amount of gain or loss from this transaction received from California sources
as if you were a nonresident for the entire year. Then allocate gain(or loss) based upon periods
of California residency and nonresidency during 2019. if none, enter zero.
Description : Company A
Date Aquired:various date sold: 01/12/2019    (my move 03/12/2019)
Total Gain/Loss : $1300
Earnes.Rec'd from CA Source as if Nonresident for Full Year : _____
Allocation Type: DATE-Allocate Based on Date Sold
Earned/Rec'd while CA resident : 1300
Earned/Rec'd from CA Source While a CA Nonresident: ____

I really appreciate if anyone can give me this simple calculation as base for my rest of the calculation. 

rjvs876
Returning Member

Lived in California till March and then moved to TX. I have capitol gain/loss for the whole year. So for capitol gain/loss , how to divide loss/gain between the states?

does Turbotax premium, calculates the capital gain/loss tax automatically from the transactions sold date. I imported all the trades directly into tt and then choose "DATE-Allocate Based on Date Sold". When I looked at the each transaction, I see it has the correct values. Do I need to manually split anything here or it doe automatically based on the date sold and residency statuses.

 

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