My mother in law passed away and we have a schedule K-1 1041 to file. It was easy to enter on the federal return. Box 11D shows a long term capital loss carryover of $78,859.00 which gave us a $3000.00 deduction on our federal taxes.
My question has to do with the state of Colorado return. Specifically on the "Colorado Portion of Gains and (Losses) it asks to "enter the portion of gains and (losses) that you received on the sale of property located in Colorado." Under the federal it shows -$3000. What should I enter for Colorado?
The loss came from the sale of my mother's in laws property in Colorado in that it sold for less than appraised.
Thank you!
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The CO portion of the federal loss is the same -$3,000. Smart to ask since the rules vary.
Reference: Income Tax Topics: Colorado Capital Gain Subtraction
Thank You!
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