No, if you are performing the work in Texas and you live in Texas, then you are not liable for California taxes. The only situation in that scenario where you would need to file is if CA taxes were withheld from your check while you were working in Texas.

Can I claim my nephew on my taxes if he lives in Mexico?

You may be eligible to claim both your niece and her son as dependents on your return. In order to claim someone as your dependent, the person must be: Either your qualifying child or qualifying relative. A U.S. citizen, U.S. resident, U.S. national or a resident of Canada or Mexico.

Do you have to pay state tax on collectibles?

If your losses exceed the maximum allowable, it is possible to carry over the amount that is unused to the next year. State income tax implications. Your capital gains on the sale of collectibles are also considered taxable income for state income tax purposes.

How to reduce the tax rate on collectibles?

Due to the higher tax rate on gains from the sale of collectibles, practitioners and taxpayers should consider a number of strategies that can reduce the amount of collectibles gains, including structuring a sale of a collectible to recognize gain over multiple years.

Why are collectibles considered a capital asset by the IRS?

According to the IRS Topic 409, collectibles are considered for tax purposes as a capital asset and depending on how long you hold them before selling will determines the tax rate.

What is the long term capital gains tax rate on collectibles?

If collectibles are sold at a gain, you will be subject to a long-term capital gains tax rate of 28%, if disposed of after more than one year of ownership. You need to know your cost basis to calculate your taxable gain, and that means the price paid plus any costs, fees, and commissions involved with that purchase. Collectibles and Capital Gains