Solved: If I am a full time resident of Illinois and I sell land in new York and obtain a long term cap gain how do I pay tax in ny and how do I adjust the tax in Illinois?
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If I am a full time resident of Illinois and I sell land in new York and obtain a long term cap gain how do I pay tax in ny and how do I adjust the tax in Illinois?

 
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If I am a full time resident of Illinois and I sell land in new York and obtain a long term cap gain how do I pay tax in ny and how do I adjust the tax in Illinois?

File a non-resident return in NY. The income will be taxable to your home state.   http://www.revenue.state.il.us/TaxForms/IncmCurrentYear/Individual/IL-1040-Instr.pdf

NY

You must file Form IT-203 if you:
  • were not a resident of New York State and received income during the tax year from New York State sources, or 
  • moved into or out of New York State during the tax year.
You are subject to New York State income tax on:
  • income you received from New York sources while you were a nonresident
  • all income you received while you were a New York State resident

https://www.tax.ny.gov/pit/ads/it203_information.htm

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New Member

If I am a full time resident of Illinois and I sell land in new York and obtain a long term cap gain how do I pay tax in ny and how do I adjust the tax in Illinois?

File a non-resident return in NY. The income will be taxable to your home state.   http://www.revenue.state.il.us/TaxForms/IncmCurrentYear/Individual/IL-1040-Instr.pdf

NY

You must file Form IT-203 if you:
  • were not a resident of New York State and received income during the tax year from New York State sources, or 
  • moved into or out of New York State during the tax year.
You are subject to New York State income tax on:
  • income you received from New York sources while you were a nonresident
  • all income you received while you were a New York State resident

https://www.tax.ny.gov/pit/ads/it203_information.htm

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If I am a full time resident of Illinois and I sell land in new York and obtain a long term cap gain how do I pay tax in ny and how do I adjust the tax in Illinois?

How else can I help you?
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If I am a full time resident of Illinois and I sell land in new York and obtain a long term cap gain how do I pay tax in ny and how do I adjust the tax in Illinois?

I was disappointed to learn from the above .that land sold in NY will be taxed as LT Cap Gain in both Illinois and New York
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If I am a full time resident of Illinois and I sell land in new York and obtain a long term cap gain how do I pay tax in ny and how do I adjust the tax in Illinois?

You may be able to get a partial credit. 

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