CA long term capital loss for non-resident - Spidell

CA long term capital loss for non-resident

Log in to Post

Message Board CA long term capital loss for non-resident

This topic contains 1 reply, has 2 voices, and was last updated by Lynn Freer 4 days, 15 hours ago.

  • Author
    Posts
  • #165601
    Clifton B Shoolroy
    Participant

    Client is and has always been a CA non-resident.  He bought unimproved land and held it for some years.  He sold the land in 2012 at a loss.  As he only had this CA loss to report in 2012, no CA return was filed.  In 2016, he bought a house in CA as a vacation property.  In 2018, he sold property at a taxable gain.

    Questions:

    Does Client have a CA long term capital loss carryforward from 2012?

    And if so, can he use it against the 2018 gain?

    If he has a long term capital loss, should he file the 2012 return and report the loss or just pick it up on his 2018 return as if the return had been filed?

    Submitted by Clifton B Shoolroy, CPA, Mill Valley, CA

  • #165611
    Lynn Freer
    Participant

    Most likely he will have a LT capital loss carryover. He must file the 2012 return and I would suggest he file the subsequent returns as well to confirm that there were no other CA gains.