michaelmars Posted March 29, 2012 Report Share Posted March 29, 2012 client has a capital loss from 2010. Starting with 2011 he is a florida resident but still has lots of Ny income to report including cap gain on a NY building. Since he is now a non resident can he use the carryover loss to eliminate the gain. As it stands now, federal cap gain is a loss due to the carryover but NY shows a large gain. Quote Link to comment Share on other sites More sharing options...
GraceNY Posted March 30, 2012 Report Share Posted March 30, 2012 It depends on what created the loss and whether or not the capital loss came from "New York State sources." See attached Tax Bulletin (TB-IT-615) which defines New York source income of Nonresidents. Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 30, 2012 Author Report Share Posted March 30, 2012 thanks Grace but nothing is attached.....the source of the loss was regular stocks...i know that if it were from a ny business it could be carried over but not sure about stock loses from when he was a resident. Quote Link to comment Share on other sites More sharing options...
GraceNY Posted March 30, 2012 Report Share Posted March 30, 2012 NY source income does not include ...loss from the sale of intangible personal property, unless they are part of the income you received from carrying ona business , trade, profession, or occupation in NYS. Don't know what happened to attachment. TB-IT-615 is available on NYS Tax website: wwww.tax.ny.gov and the instrcutions for IT-203, page 20 will support the above referenced info. Quote Link to comment Share on other sites More sharing options...
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