Regarding the State Tax Portion:
In the state of Massachusetts (MA), I have a carry over short term capital gain (not from interests/dividends), and in the current tax year, I have a short term capital gain (not from interests/dividends), my question is, is there a cap (or max) that my
carry over short term capital gain (not from interests/dividends) can be applied to my current short term capital gain (not from interests/dividends).
Just using arbitrary numbers for an example: If I have a carry over loss of 1M (short term capital loss), and a current capital short term gain of 400k (w/ no interest/dividend), can I use the 1M of carry over loss to entirely offset my 400k (or does MA have a cap, where I can only use a portion of that carryover loss)?