Tax on unified interest income for couples living within different states?
I live in CA and my wife lives within NJ. We have a unified account beside a CA credit union. Now CA lone taxes the interest of CA residents. Since my wife's non-CA income also contributes to this interest, how should I split it for tax purposes?
Answers: If your checking/savings side is community property, then partially of the income is yours and half is your spouse's, for California toll purposes. If not, then any defensible allocation based on the source of the funds within the account would probably be official.
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Answers: If your checking/savings side is community property, then partially of the income is yours and half is your spouse's, for California toll purposes. If not, then any defensible allocation based on the source of the funds within the account would probably be official.