Hi folks. Moved on 10/1 from Chicago to NYC. How will my capital gains be taxed in each state? Prorated ased on the % of total income in each state? Prorated based on the % of time living in each state? Based on the date I sold each stock? Is there a legal way I can pay all my capital gains tax in IL instead of NY?
Thank you

like
Posting as :
works at
You are currently posting as works at

You should get a credit for taxes paid in IL on your NY return so that you’re not double taxed. Since you were a resident in NY for more than half the year, you would be taxed on 100% of your earnings in NY.

like

Yep, that makes sense to me and it's what I understood after going through the instructions. Thank you!

Probably both states. You are a statutory resident of NY so 100% taxed in NY. You moved your domicile to Illinois and became a legal resident on 10/1. Double taxed.

I moved to NY, not from NY. I guess I was lucky hehe

You may need to research more, but I believe IL only gives a credit for taxes paid on NY source income. Capital gains income earned while a resident of Illinois isn't considered NY sources income so I don't believe you qualify for a credit. Since both states view you as a resident, you will get screwed. Would be safer if you don't have to claim IL residency when you received the capital gain income.

FYI, I was looking instructions for both State tax forms and the idea I got is that you pay the capital gain tax in the state you were living when that happened. They even ask you to say the date you moved in both partial year return forms. So I guess everything I sold before 10/1 goes to IL and the rest will go to NY, which makes sense to me. Note other states could have different rules. Thank you all for your help anyway :)

Oh I see, good to know.

Related Posts

Retirement: what are some ways you’re preparing besides having a 401K?

like

Should I continue to live at my parents house in the Midwest as things start to open back up or move back to my assigned office city on the east coast? I’ve been saving a lot of money, but I don’t have any friends out here in suburbia. I’m only 25, no student loans, and kind of want to live the city life and make some friends, but I’m hesitant because this high savings rate is really nice and my project at work would be remote even without covid, so I don’t HAVE to move out anytime soon

like

These paychecks aren't cutting it. Side hustle ideas?

like

Looking to buy from retiring advisor in Indianapolis.

Will be moving to LA at the start of next year. I make $150k and my boyfriend freelances and averages around $60k. How much should we realistically be paying in rent max?

like

What’s a reliable crypto broker that some would recommend? I’ve been using Coinbase Pro but I’m worried to keep investing with them because of their non existent customer service and if I might need support I probably won’t get help

like

What provider does BDO use for its 401k plan? (Fidelity, Vanguard etc.)

likehelpful

Looking to start investing (mostly Index Funds and some crypto). Any tips on where to get an account for index funds? Vanguard? Fidelity? Charles Schwab? Somewhere else? What’s most cost efficient?

like

Just rolled over my 401K into an IRA. Any recs on ETFs to buy? I have 2 dividend ETFs so far, and want to buy things other than VTI and VTV since I have those in Roth IRA already.

like

Is 80k cash + 20k company share a good deal for a junior dev role in the bay area?🙏

like

I’m new to freelancing. Does anyone have any tips/resources to figure out how to do taxes?

like

Decided to payoff my mortgage.

like

Fav intl ETFs?

like
likehelpful

For a 2-year associate now tasked with senior-like roles such as reviewing and training, does anyone have advice on how to review individual hnw tax returns?

like

Whats the max of monthly rent has anybody shown for HRA deduction 😅

like

RE Equity Crowdfunding platforms, what criteria do you use to decide between them? Number of investors already on? Number of unicorns or IPOs they have on their track record? Or recommendations for alternative investing via other vehicles?

like

Planning to buy a condo in 451 W Huron - Yay or Nay? Will live for a year and then rent it out. Don’t want to renew lease another year.

like

What things *can you negotiate when purchasing a new car? What things *should you negotiate always? Any differences in negotiation approach when buying used? Seems like I can afford considerably less, given the current interest rates 😭 Currently financing a car at 1.9% and it's killing me to buy, but I've had nothing but issues with the used car I bought.

My partner bought a new truck earlier this month. We’re hoping to joint-purchase our first home next spring. Is there a “best” time to get pre-approved for a mortgage? When should we start the home buying process?

So far we’ve kept our head in the realtor apps to see what the market is doing.

Rent just went up, pressure is on!

like

More Posts

Just starting out in consulting right out of college. Any book recs?

like

Bilingual (Spanish) Marketing pro skilled in Digital, Customer Service, Integrated Marketing, B2B, 10+ years experience! Searching for Client Services role in Overland Park, KS or Remote. Many thanks!

like

I want to get a bottle of liquor from Canada that isn't sold in the US. Can't get it shipped. Anyone from PA/DE/NJ/NY going to Quebec anytime soon that would be willing to bring a bottle back?

like

London folk, question for you: do firms and offices in London not recruit candidates directly? I hardly see positions advertised on the websites of these firms but there are vacancies that they seem to recruit for through recruiters. What’s the deal here? Does it make sense to approach firms by yourself at all? Would appreciate any insight I can get on the matter. Thank you!

like

So I know this will sound crazy ... but I've never really had to have a portfolio, in the conventional sense, but a current offer is asking for one. What's the best way to build one out? Thanks!

likefunny

Me? I was just buying shirts online and then immediately added underwear because the model wearing them was hot because I am gay.

likefunny
likehelpful

Reposting: anxious q- should incoming juniors start thinking of backup plans? Were offers revoked in 08/09? Or start dates pushed? Would be starting at a V10 in lit if that helps. Thanks all.

like

Fried Frank LLP finance vs. Willkie finance - talk to me. Better experience, wfh, hours, culture, etc?

like

Sorry for 2 posts in a row, but Trump wants to get a cut of this tik tok deal wtf?

like
like

Hey all can anyone tell me about the salary of a aws cloud data engineer? ( fresher)

Do you think it’s bad form/ unprofessional to flip badges when a contract is lost? I’m not sure if it’s just leadership bullying, but they’re discouraging staff to take other offers from the winning company.

like

Serving Notice period LWD is 7th Oct,2022
Any reference to Finance controller/ Consultant / techno functional BA.
A
Pune location
Year of exp. 6.7 year

like

Hey Fishes,

Can anyone give me referral ?

Thanks!

like

What would be considered great operating exit ops at startups coming from VC?

like

Hi folks,

If anyone is interested in below opportunities at Apisero Inc,dm me.

Post Photo
like

Hi Fishes, I was working with Accenture as a data analyst for 3 years and now I want to switch. Anyone who can provide me referral. I have a good knowledge of SQL, Excel, Tableau. I urgently require new job as a Immediate joiner and already things are not so good at home.

like
likesmart

Okay, who here was smart enough to put in $80 limit buys?

like

Additional Posts in SALT - State and Local Tax

Hey Salt peeps. I’m curious what kinds of practices you specialize in and how long you’ve been doing it? Would you specialize in something different in tax if you could turn back the clock?

helpfullike

Hey - Might be moving from Florida to Illinois. Is there any way I can avoid changing residency and IL income tax? Realistically, will I be audited?

like

New Jersey partnership question.

Partnerships need to use market sourcing for purposes of calculating NR withholding tax (though NJ doesn't even call this withholding anymore).

However, for purposes of calculating the NJ distributive share of income, you apply Gross Income Tax (personal income tax) rules, which is 3 factor and includes COP.

If I end up with 0% apportionment under GIT and 10% apportionment under CBT (withholding tax), the partnership pays tax upfront but NRs get 100% refund?

like

Los Angeles Area comp for 2nd year asset management?

Currently making $85k with a 7.5k signing bonus. Wondering if I’m being underpaid in my role. Ive tried probing my colleagues but no dice.

Anyone making career moves out of SALT? Curious to hear where people are going and what career paths people are looking into.

like

Looking to save on all taxes as my remote career grows. Any recommendations or where to move / establishment residency? I don't see the advantages of being in California.

like

Looking for a referral to SALT opening with public accounting firms. Please let me know the organization you can help with. Thank you!

like

I am on H1-B visa, open to relocate and looking for State & Local Tax (Income/Franchise) Experienced Senior/Manager opportunity. Which companies are currently hiring visa candidates? Appreciate the responses, thank you!

likehelpful

Hi All, how much should I expect to pay for someone to do my taxes for me? (Ball park)
- fbar
- state
- Federal

Also I moved out from MA in February so not sure if I'd also still need to file in MA?

like

Anyone who recently started what is starting salary for a new associate in SALT? How does it compare to other lines of services?

like

Need some help! Currently live in TX but work as an independent contractor (remote) for a NYC based company - do I still need to pay NY state convenience tax on income or would this only apply as a full-time employee?

like

Hey Team

I'm on a H1B so I am supposed to pay Medicare and SS taxes, but my employer has not withheld anything- my hnr block advisor caught that but she just completed my returns assuming I don't have to pay those taxes

What is the right protocol in this case? Do I owe SS and fica taxes?

like

Anyone have recommendations for sales tax CPE > 7 hours?

like

Any big four hiring for indirect tax ?

Why is it when I owe money to a state from my annual tax filings, if I don’t pay the full amount I get charged interest. But when they owe me, they ask for additional documentation and won’t pay me interest for them stonewalling me. Not much volatility y/y in earnings.

like

I want to leave tax. But as a salt manager what jobs would I even be qualified for?

like

Anyone works at KPMG MN office in the SALT practice and can let me know how it is?

like

Maxed out Roth IRA contributions when I wasn't eligible for 2021 (got a salary bump mid year). Do I need to recharacterize? It's a very small account that's been open for only two years. That's the only IRA account I own. Do I need to open a traditional IRA and roll over 6k + realized gains into that account and keep the Roth IRA. So confused how this works and got conflicting information from Merrill.

like

I am not from the US and taxes overwhelm me; the first few years I did them with TurboTax and it was fine but then I entered a domestic partnership and had a baby. I also bought a house (that I don’t live in), so I went to H&R Block to give it a try assuming they could advise me on optimizing my return, it seemed that they are completely transactional as the person is just typing numbers in a form. Any recommendations on how to navigate personal taxes with an actual advisor?

like

Why did you choose to work in SALT over other areas of tax?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal