Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (32) | Ignore Thread Prev | Next
Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121585  
Subject: Re: Captial Gains for State Return Date: 3/13/2006 5:31 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
The point being that for the specific set of facts under consideration, there is no way to avoid reporting the full capital gain to CA.

No, I disagree with this. Sort of.

As part of the non-resident tax calc, all income and deductions worldwide will need to be reported. Then the CA source income will need to be identified.

In this case, it is possible that our OP has a non-CA source capital gain. A simple tweaking of his fact pattern would make me state pretty confidently that the gain is NOT a CA source income item.

For example, if he could say that the funds in this particular account were an inheritance that his wife received, they would pretty clearly be her separate property. Then since she is a non-resident of CA, the capital gain would be non-CA source income.


I don't disagree with your analysis. I just don't read the words of the original post to indicate that this is a possible fact pattern.

Ira

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (32) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement