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Part-year allocation for Virgina tax filing - Capital gains and rent income was earned as a non-resident. Will turbotax generate form 760PY and form 763?

I am on the Part-Year Allocation for Virginia tax filing page and need to enter the portion of the federal total to Virginia. Because capital gains and rent income was earned after I moved out the state, it is my understanding that I don't believe those values will be allocated to Virginia because I did not receive it while a Virginia resident, correct? However, would turbotax generate a form 763 because capital gains and rent income was earned on a rental property in Virginia and I would need to report those values as income earned as a non-resident.
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3 Replies
Hal_Al
Level 15

Part-year allocation for Virgina tax filing - Capital gains and rent income was earned as a non-resident. Will turbotax generate form 760PY and form 763?

Q. Because capital gains and rent income was earned after I moved out the state, it is my understanding that I don't believe those values will be allocated to Virginia because I did not receive it while a Virginia resident, correct? 

A. No. 

 

Q. Because capital gains and rent income was earned on a rental property in Virginia, I would need to report those values as Virginia source income earned as a non-resident, correct?

A. Yes.

Part-year allocation for Virgina tax filing - Capital gains and rent income was earned as a non-resident. Will turbotax generate form 760PY and form 763?

I'm confused by the responses. Would turbo tax generate a 760PY and 763? 760PY for income earned while a VA resident. 763 for income earned as a non resident. The part time allocation page is confusing. It asks to enter values earned as a part time resident, however portion of those values were earned as a nonresident.

LenaH
Employee Tax Expert

Part-year allocation for Virgina tax filing - Capital gains and rent income was earned as a non-resident. Will turbotax generate form 760PY and form 763?

Yes, TurboTax should generate two Virginia forms. Form 760PY should include income amounts earned during the period you were a Virginia resident. Form...

 

 

@dpa500 

 

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