Nora is completing her 2019 California tax return. She was a resident of California for all prior years and has a California capital loss carryover of $1,000. What amount should she enter on her California tax return for the California capital loss carryover

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01-01-2021
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Nora is completing her 2019 California tax return. She was a resident of California for all prior years and has a California capital loss carryover of $1,000. What amount should she enter on her California tax return for the California capital loss carryover

Sagot :

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Parrain Parrain · Answer 1 · 2021-01-02T20:01:51-05:00

Answer: $1,000

Explanation:

If Nora had not been a resident of California in the prior years that contributed to her $1,000 capital loss carryover, she would have had to recalculate her capital loss carryover using California standards.

This is not the case however as she was a resident in California for previous years so her capital loss carryover already conforms to California standards. She can therefore enter the entire $1,000 as her capital loss carryover.

Sagot :

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