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Question

For people leaving California, can capital gains on stock be calculated using the resident to nonresident ratio of days, or must I use the date the stock was sold?

Forum|Forum|5 years ago
April 16, 2020
1 reply
0 views

TurboTax allows both options, but I'm not sure the California Franchise Tax Board does.

TurboTax Premier Online

Employee

Typically, realized capital gains are taxed by the state in which you are a resident at the time of the stock sale. Why do you think you have to do some allocation?

mikewrleyAuthor

Turbotax gives the option to either allocate the capital gains on share sales by the date they were sold OR based on the number of days in the tax year you were a resident of California. Despite Turbotax allowing the capital gain allocation based on the percentage of the year you were a resident of California, I can't find any guidance that California actually permits a taxpayer to do this.

Did anyone resolve this doubt?

Thank you