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senorrollover
Level 1

For Arizona State return , how is the apital Gain or Loss from Assets Acquired After December 31, 2011 calculated ?

how are they calculating capital Gain or Loss from Assets Acquired After December 31, 2011 for an Arizona State return ?
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Accepted Solutions
JohnW152
Expert Alumni

For Arizona State return , how is the apital Gain or Loss from Assets Acquired After December 31, 2011 calculated ?

For Arizona state tax purposes, you're allowed to subtract 25% of any net long-term capital gain that's been included in your federal adjusted gross income when it was derived from an investment in an asset acquired after December 31, 2011.

Please see Lines 19 through 23 - Net Capital Gain or (Loss) in the 2020 Arizona Resident Personal Income Tax Booklet available at Form 140 - Arizona Resident Personal Income Tax Booklet for more information.

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3 Replies
JohnW152
Expert Alumni

For Arizona State return , how is the apital Gain or Loss from Assets Acquired After December 31, 2011 calculated ?

For Arizona state tax purposes, you're allowed to subtract 25% of any net long-term capital gain that's been included in your federal adjusted gross income when it was derived from an investment in an asset acquired after December 31, 2011.

Please see Lines 19 through 23 - Net Capital Gain or (Loss) in the 2020 Arizona Resident Personal Income Tax Booklet available at Form 140 - Arizona Resident Personal Income Tax Booklet for more information.

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joelserrano
Returning Member

For Arizona State return , how is the apital Gain or Loss from Assets Acquired After December 31, 2011 calculated ?

capital gain on primary residence purchase in 1999 thwen converted to rental in 2012.......would this be an asset acquired after dec 31 2011?

AmyC
Expert Alumni

For Arizona State return , how is the apital Gain or Loss from Assets Acquired After December 31, 2011 calculated ?

No. The house was in your name, purchased before 2012.

 

@joelserrano

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