First-time to file a nonresident California return for a small amount of wage income for a temporary job. I don't understand what all California is doing with capital loss carryover even after reading the instructions in the actual tax booklet (which are less than stellar) and on the CA capital loss form.
On the Federal side, I have had a large capital loss carryover going back 2-3 years, and thus get a $ -3,000 loss for 2023 on the Federal return. Since all of that capital loss was incurred as a nonresident outside California in past years, I assume I enter 0 for any 2023 California Capital Loss. And I assume the remaining capital loss carryforward for future years remains only Federal and $0 for any future California Capital Loss Carryforward? Does that sound right? If not, hopefully someone will explain. Thanks!
By the way, I have none of the special kinds of gains/losses where the handling of California capital loss differs from the Federal handling.
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Yes, that sounds right. Since all of that capital loss was incurred as a nonresident outside California in past years, enter 0 for any 2023 California Capital Loss and $0 for any future California Capital Loss Carryforward because the gain/loss is considered a non-California source capital gains and losses.
For more information: ftb.ca.gov
Yes, that sounds right. Since all of that capital loss was incurred as a nonresident outside California in past years, enter 0 for any 2023 California Capital Loss and $0 for any future California Capital Loss Carryforward because the gain/loss is considered a non-California source capital gains and losses.
For more information: ftb.ca.gov
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