Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
Hi Fools:

In Mid-2015, I moved from Ohio to Rhode Island. Throughout 2015, I also had sufficient capital losses from investing so that I will be carrying over capital losses into 2016 for my federal taxes.

My question is this: Are there particular rules I need to follow when it comes to apportioning my capital gains and losses between the states? If so, I'd appreciate being pointed towards them.

My initial thought was to put a $2,000 loss against Ohio and a $1,000 loss against Rhode Island, given that I lived in Ohio for 2/3 of the year and in Rhode Island for 1/3 of the year.

However, I could also see a case for a $3,000 loss in Ohio and no gain or loss in Rhode Island, based on the fact that many of the losses were front-loaded in the calendar year.

Alternatively, if I have to go through the motions to calculate gains and losses separately by state by date of residency, what happens if I discover that I actually had a capital gain for the months in Rhode Island, despite a supersized capital loss across the year? Do I then report the gain to Rhode Island despite a federal loss? And is my Ohio loss still capped at the Federal $3,000 level, or do I net across the states to get to the federal $3,000 loss?

Thank you so much for your time, attention, and guidance.

Best regards,
-Chuck
Inside Value Home Fool
Print the post  

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.
Live Video Event Monday!
The GP team is hosting a live video event on Monday at 4 p.m. ET. Don't worry if you can't make it — we'll have a replay and a transcript. Click for more!
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.