topic South Carolina Capital Loss Carryover in Get your taxes done using TurboTax

South Carolina Capital Loss Carryover

corgy — Sun, 02 Mar 2025 15:07:27 GMT

I moved to South Carolina last year, as a Part-Year resident, how much of the Federal amount of Capital Loss Carryover is available on the state return? or how do I calculate the state amount?

Re: South Carolina Capital Loss Carryover

MarilynG1 — Tue, 04 Mar 2025 17:24:04 GMT

Normally, you would allocate your Capital Loss Carryover by % of time lived in each state. However, it's best to check your states Dept. of Revenue rules on this.

Some states don't allow a Capital Loss that is not related to income from that state.

Here's more info on Capital Loss Carryover for States.

@corgy

Re: South Carolina Capital Loss Carryover

corgy — Wed, 05 Mar 2025 11:33:44 GMT

Thanks. The reason I asked because TurboTax asked me how much was deductible even though I had put the amount of time I had lived in South Carolina and it did not calculate that for me. Much appreciated.

Re: South Carolina Capital Loss Carryover

corgy — Fri, 07 Mar 2025 13:29:44 GMT

I went to the SC Dept. of Revenue and confirmed that you pro-rate the Capital Loss Carryover based on the number of months you resided in the state. Thanks again.