NYS capital loss carryover

[michaelmars]

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.

[GraceNY]

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.

[michaelmars]

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.

[GraceNY]

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.