As a part year resident of New York, can I use two different methods for allocating unearned income for different types of income?
1) For Interest and Dividend Income, I want to use time spent in New York. e.g. I have $12,000 in Interest and Dividend Income and I moved to NY on Feb 1,2019 so my NY income would be $11,000 (11 months)
2) For Capital Gains/Losses and Rents/Royalties/K-1s, I want to use "income earned while I was a resident" method. e.g. I have $3,000 in capital losses and $10,000 in K-1 allowed losses and all of these occurred after I became a NY resident. Can I take the full loss amounts of $3,000 and $10,000 on my NY return?
Unearned income is allocated to your state of residence at the time you received it. See this: https://ttlc.intuit.com/community/income/help/how-do-i-allocate-split-income-for-a-part-year-state-return/00/26556
As long as the results are correct, the allocation method you use shouldn't matter.
Thanks. There is nuance here though. According to the TT Help, the income allocation can be either:
1) Go by the income you earned while you lived in the state
2) If method #1 isn't practical, go by the time you spent in the state
In my situation, while not impossible, it is a bit cumbersome to separate out my interest and dividend income using approach (1). It is however very easy to determine my capital gain/loss using approach (1) since these are only a few transactions.
My questions is if I can mix and match approaches for different types of income i.e. use approach (1) for interest/dividend and approach (2) for capital gain/loss?