Question

Can Federal Cap Gain Carryover Loss also translate to non resident state where condo is located?

Forum|Forum|4 years ago
October 28, 2021
1 reply
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Resident of Iowa. Had rental condo in Nebraska. Had substantial gain on sale of condo due to a 1031 purchase years ago. Had built up substantial Capital Gain loss carryover on Federal which offset the cap gain tax. Ready to file my non-resident Nebraska as well as resident Iowa returns. Can the cap gain carryover loss work in non resident state (Nebraska) where the condo is located. My turbo tax is treating it as an offset as it did the Federal Return, but I have gotten conflicting information on that. When i filed extensions, I overpaid an estimate to cover it to be safe, and even if I owe, I will have a refund. However, I am over the due date on the Nebraska and hope I can get advice on that. Thank you.

R

RiverCloneAuthor

PS. Forgot to mention. To clarify the question. I have been told that I would only be able to use the carryover loss on a state return if the condo had been in my home state and not a non-resident state. But Turbo Tax is carrying the loss carryover to Nebraska also. Thank you.