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.
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?
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.
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.