Hello, Are you a resident of New York?
Did you receive my questions
Yes I did, You have to include the capital gain on your New York return.
its capital gain same amount i calucated in federal
and can i get deduction or credits for the huge foreign taxes paid
Depending on your tax software that your using it will automatically carryover the gain from the federal return onto the New York state return.
ok what about foreign tax paid deductions
i am very concerned as i am getting a lot to paid in state tax irrespective of foreign tax paid in India
i am waiting for your answer
There are no foreign tax paid deductions on the NYS state tax return.
and no foreign tax credits too
if i pay huge NY state tax can i deduct in my 1040 as a deduction for state taxes paid
foreign tax credit deductions is on the federal return. Yes whatever state taxes you paid will be deductible as an Itemized deduction which will be Schedule A on form 1040.
i see there is credit given for taxes paid in canada
for NY state
but u are sure no credit given for foreign taxes paid in india
i need to leave soon
please do reply fast
yes taxes paid to Canada and any other U.S. states are given a credit on the NY Tax return
but not for foreign.