The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: State Taxes: CA & IL||Date: 10/5/2000 1:03 PM|
|Author: sente17||Number: 40610 of 121801|
Here is a somewaht complex question.
Six months ago, I moved to CA to take a job at a start-up company. I own a home in IL, and my wife remained there. I spent 6 months working in CA, where I maintained an apartment, and spent every other weekend in IL.
During the past 6 months, my employer used my CA residence in reporting wages, and deducted CA state taxes, etc.
Recently, the company essentially failed (but has not filed bankruptcy), I resigned from my position, and I am back in IL. I still maintain the apartment in CA, but that is another story.
So, how am I going to deal with taxes this year, any advice on how to deal with it? I incurred moving expenses amounting to around $5,000, but I believe these are not deductable because I was not employed for 39 weeks in 12 months (unless I get a new job in CA very soon.)
My wages for that 6 months were approximately $30,000 (we were a start-up.)
I think the best thing to do would be to declare my permanent residence in IL throughout that time period, and file state returns for CA and IL (something I have to do anyway), and try to get a refund of CA state and city taxes paid
Any advice concerning this? Also, I probably need to get an account familiar with multi-state residences and tax issues. My accountant, while good, is probably not familiar with this type of situation.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|