In NY?
Q: New York State Income Tax Question ? I worked in NYC and lived in NJ in 2001. In the same year, I also sold my stock (which was purchased using my income from my work in NYC) at a loss. When I file my non-resident NY state income tax return, can I write off my realized loss on sale of my stock against my ordinary income which was earned in NY?
A: -No you cannot. Your NYS tax will be based solely on your NYS income as a portion of your overall income. -If the "stock" you sold is shares in a company,the loss would be deductible (up to $3,000 per year) against your NJ resident return, but not against your NY nonresident income. If it is shares in a cooperative housing entity, the loss would be a nondeductible personal expense. Actually NJ does not allow any losses against earned income, you are limited to taking it against gains. But as to the question, you need to file a NY IT-203, it basically figures your NY Tax as if you were a resident and then prorates it based on the percent of your income earned in NY vs. your total income. The good news is that NJ then will allow you a credit for the taxes you owed NY based on the income sourced to NY using NJ rates. (Schedule A? I believe) Not really as complicated as it sounds, but you may wish to consult a tax preparer.