Non resident California K1 loss after gain last year

[pasknyc]

I received a complete loss on a K1 from California. last year I paid $1000+ in capital gain on the same investment.

I have no other income in California. so I have no income to apply the capital loss towards in California. 

Can I somehow reverse the gain from last year if this investment is a complete capital loss this year? 

[Anonymous_ · Accepted solution]

You are likely not going to be able to carry back a loss from this tax year to a prior tax year. You can, however, report the loss on your state return which will carry forward to future tax years.

[pasknyc]

is there any way to use that loss for other states ? I dont think I’ll have any other income in California in the next 3 years. 

[Anonymous_]

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@pasknyc wrote:

is there any way to use that loss for other states ?

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Unfortunately, there is not unless you can get some sort of credit for the state tax your paid to California last year. Regardless, since you have a loss for 2022, there is really no way to use that loss in another state.