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Hi , We have capital gain from the sale of the partnership

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Hi , We have capital gain...
Hi ,

We have capital gain from the sale of the partnership based in India. And we have paid foreign taxes in India.In the 1040, we have included the capital gain in the schedule D and taken the foreign tax credit for the foreign taxes paid.And for the NY State Tax I have two questions: (1) Do we have to include the capital gain and (2) can we get the foreign tax deduction or credit for the sales tax. Thanks a lot for your help.
Submitted: 5 years ago.Category: Tax
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Answered in 7 minutes by:
3/1/2012
Tax Professional: rramsook, Enrolled Agent replied 5 years ago
rramsook
rramsook, Enrolled Agent
Category: Tax
Satisfied Customers: 307
Experience: Specialize in Individual,Corporate, and payroll tax matters.
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rramsook :

Hello, Are you a resident of New York?

JACUSTOMER-surs9lbg- :

yes

JACUSTOMER-surs9lbg- :

Did you receive my questions

rramsook :

Yes I did, You have to include the capital gain on your New York return.

JACUSTOMER-surs9lbg- :

its capital gain same amount i calucated in federal

JACUSTOMER-surs9lbg- :

and can i get deduction or credits for the huge foreign taxes paid

rramsook :

Depending on your tax software that your using it will automatically carryover the gain from the federal return onto the New York state return.

JACUSTOMER-surs9lbg- :

ok what about foreign tax paid deductions

JACUSTOMER-surs9lbg- :

i am very concerned as i am getting a lot to paid in state tax irrespective of foreign tax paid in India

JACUSTOMER-surs9lbg- :

i am waiting for your answer

rramsook :

There are no foreign tax paid deductions on the NYS state tax return.

JACUSTOMER-surs9lbg- :

and no foreign tax credits too

JACUSTOMER-surs9lbg- :

if i pay huge NY state tax can i deduct in my 1040 as a deduction for state taxes paid

rramsook :

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.

JACUSTOMER-surs9lbg- :

i see there is credit given for taxes paid in canada

JACUSTOMER-surs9lbg- :

for NY state

JACUSTOMER-surs9lbg- :

but u are sure no credit given for foreign taxes paid in india

JACUSTOMER-surs9lbg- :

i need to leave soon

JACUSTOMER-surs9lbg- :

please do reply fast

JACUSTOMER-surs9lbg- :

thanks

rramsook :

yes taxes paid to Canada and any other U.S. states are given a credit on the NY Tax return

rramsook :

but not for foreign.

JACUSTOMER-surs9lbg- :

ok thanks

rramsook :

No problem

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rramsook
rramsook, Enrolled Agent
Category: Tax
Satisfied Customers: 307
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Experience: Specialize in Individual,Corporate, and payroll tax matters.

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