My son has some capital losses when he moved from NY to MA. My accountant at the time said he could use them should he ever move back to NY. He has since moved to CA and is now in IL. He has just been offered a job in NY, but will remain in IL. I am guessing he would have to file a NY tax return. Although any capital gains would be in IL, would he be able to use $3,000 of the old capital gains against his NY income?
Maybe I am wholly confused about this. If so, how would it work?