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kyakrbetsy
September 13, 2024
Solved

Wyoming Oil Royalties

  • September 13, 2024
  • 1 reply
  • 0 views

If I received a million dollars in oil royalties from WY (no tax state) do I need to claim it as income on my California tax return?

    Best answer by DoninGA

    If you work or live in California then you have to report all income you received on a California tax return.

    1 reply

    DoninGA
    DoninGAAnswer
    Employee
    September 13, 2024

    If you work or live in California then you have to report all income you received on a California tax return.

      Carl11_2
      Carl11_2
      Employee
      September 20, 2024

      If you are a resident of CA or qualify as a resident of CA, then you must report all income from all sources on your CA tax return. Weather it's taxable or not may be another matter. But you do have to report the income on the state return.

       

      T
      TomD8
      Employee
      September 21, 2024

      California taxes its residents on all their income, regardless of its source.

       

      California taxes non-residents only on California-source income.  Oil royalties earned in Wyoming are not California-source income.

      **Answers are correct to the best of my ability but do not constitute tax or legal advice.
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