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Question

I have a capital loss carryover from last year. Can I balance it against a comparable capital gain this year for my California State tax?

Submitted: 16 days and 10 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Optional Information

State/Country relating to question: California

Already Tried:
used this service for same question about Federal taxes

Accepted Answer

Hello XXXXXXXXXXX,

 

You can use the capital loss carry forward that you have to offset gains that you have on your federal return.

 

Your adjusted gross income from your federal return then transfers over to your California state return, so you are receiving credit for those losses on your state return as well as your federal return. There is no need to actually make a separate entry on your CA return to claim these losses. They will already be reflected in your federal adjusted gross income which then transfers to your state return.

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you XXXXXXXXXXX

 

 

 

 

 

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Expert: Merlo
Pos. Feedback: 99.8 %
Accepts: 
Answered: 11/5/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

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