Discussion:Wisconsin sources of revenue?
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Discussion Forum Index --> Advanced Tax Questions --> Wisconsin sources of revenue?
Discussion Forum Index --> Tax Questions --> Wisconsin sources of revenue?
| 19 March 2008 | |
| These are the facts:
1)Individual is a NYS resident and had to travel to wisconsin to help settle her mothers estate. (So she stayed there for several months in 2007 and returned home to NYS the end of 2007) 2)She received Federal k-1 and a wisconsin sched 2k-1 showing income (I know this is wisconsin source income) 3)She inherited stock and the brokerage house that issues the 1099s to her is located in wisconsin. Her address on the 1099s is a wisconsin address because she stayed with family there for several months. My question is: Is the income is shown on these 1099s wisconsin souce income to her? What is the determining factor in deciding what state is the source of income? | |
| 19 March 2008 | |
| Is the taxpayer claiming to be a part-year resident of WI? Was any income earned in WI? I would think the inherited stock is not WI income.
If you file the WI 1NPR be sure to have your client show their appreciation on line 61. :) | |
| 19 March 2008 | |
| No, based on the information provided your client was not a WI resident and has no WI source income unless the estate passed through income from real or tangible personal property located in Wisconsin. Income from intangibles (interest, dividends, gain/loss on sale of intangibles, etc.) has its source at the residence of the owner (or beneficiary of an estate or trust) unless it has a business situs somewhere else. So, interest income arising from a business carried on in Wisconsin by the estate or the decedent would be Wisconsin source income; but interest from bank accounts, dividends from a brokerage account, etc. are sourced at the taxpayer's residence. Doesn't matter where the broker is. | |
