I live in CA as well as my mother lives in NJ. We have a corner comment with a CA credit union. Now CA usually taxes a seductiveness of CA residents. Since my wife’s non-CA income additionally contributes to this interest, how should we separate it for taxation purposes?
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Arthur R
November 23rd, 2009 at 5:56 pm
If your checking/savings account is community property, then half of the income is yours and half is your spouse’s, for California tax purposes. If not, then any reasonable allocation based on the source of the funds in the account would probably be accepted.
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