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Old 03-29-2011, 02:00 AM
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Capital Loss carryover in an individual multi-state return

How do you enter capital loss carryover in an individual multi-state return?

There are no transactions for the year 2010, so no capital gains or losses either. The capital loss from last year [2009] is when TP resided in CA. In Nov 2010, TP moved to NM. How do you treat the carryover loss in CA and NM income tax returns?

Thanks.



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Old 04-05-2011, 07:53 AM
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Capital loss carryover should be reported on schedule D, and enter these amounts on lines 6 and 14 of Schedule D, but you also should clarify the long term or short term capital loss.



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Old 04-05-2011, 09:53 AM
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Thank you for the clarification nearbyside.



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Old 04-05-2011, 10:11 PM
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“ The capital loss from last year [2009] is when TP resided in CA. In Nov 2010, TP moved to NM. How do you treat the carryover loss in CA and NM income tax returns?”--->You need to report the capital loss on your CA return as a part year resident of CA; you do not have to report the capital loss on your NM return as a part year resident. You need to file both CA and NM return as a part year resident of both CA and NM.


Last edited by Wnhough : 04-06-2011 at 04:53 AM.


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