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Author: damastr One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120780  
Subject: Re: Captial Gains for State Return Date: 3/13/2006 3:17 PM
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ptheland wrote:

If it's community income, it goes 1/2 to each spouse. If it's separate income, it goes to the spouse who owns it. Since you are in a community property state, it's pretty hard for you to have separate income. Not impossible, just hard.


I write

Ok. So basically our combined income will be considered "community", correct? Now, I am a little unclear about your above statement "If it's community income, it goes 1/2 to each spouse.". Does that mean if I have a cap gain of say $x for the year, I show half of it (my portion) on our CA return, i.e. $x/2? Or do I show all of it? I just want to get to the moral of the whole story here. Can I save anything at all or nothing?
Thanks again everyone for their insights.
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