Capital loss - Spidell

Capital loss

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Message Board Capital loss

  • This topic has 2 replies, 3 voices, and was last updated 6 months ago by Craig Mizuno.
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    • #248277

      A client has taken a capital loss on the sale of stock.  Client lives in the state of Nevada.  Client files a non-resident California return because derives income working in California.  Since there is no income tax in Nevada, the capital loss will not be used.  Is there any restriction in moving this capital loss over to the non-resident California return?  The question would also apply to any capital gain income of the client.

    • #248317
      Lynn Freer

      You may only include losses sourced to CA and the sale of stock is sourced to state of residence so it can’t be taken against CA income

    • #249360
      Craig Mizuno

      Thank you, Lynn.  Appreciate the prompt response.

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