Capital Gains and Losses

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My Federal capital loss carryforward worksheet shows $6,994.

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My Federal capital loss...

My Federal capital loss carryforward worksheet shows $6,994. When I do my state return it is showing a carried forward loss ot $10,8835. Please explain

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Windows HP

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I have used turbo tax and completed both fed and state but am questioning the different figures. On fed I used the carried forward worksheet to get the $$6,994 and the $10,835 figure popped up when I started my state as a figure forward

Submitted: 3 months ago.Category: Capital Gains and Losses
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Answered in 17 hours by:
4/2/2018
Tax Expert: ABC Accounting Group, Business Consultant/CPA replied 3 months ago
ABC Accounting Group
ABC Accounting Group, Business Consultant/CPA
Category: Capital Gains and Losses
Satisfied Customers: 889
Experience: Accounting Manager
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Hi. Great Question. What state is the return for?

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Customer reply replied 3 months ago
CA. Using turbo tax
Tax Expert: ABC Accounting Group, Business Consultant/CPA replied 3 months ago

Is it from rental property? Thank you.

If the loss is due to sale of rental property, assets, a business or even partnership interests then differences almost always arise since California has not conformed over the years to the depreciation methods for federal taxes (and some other items). In that case the loss has to be recomputed using California rules for the cost basis (after depreciation)of the assets.

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