What does Capital Gain or Loss from Assets Acquired After December 31, 2011 Enter the portion of gain or loss from assets acquired after December 31, 2011 mean?

Forum|Forum|6 years ago
March 28, 2020
5 replies
0 views

It says I have a net long term capital gain of $472. What is this?

TurboTax Premier Online

fanfare

Employee

what are you trying to do when this question comes up ?

bstevens33

For me it shows a long-term capital loss of -99,349 which looks like a carryover. This comes up while starting my Arizona State taxes. Any ideas what this means

ThomasM125

If you have a capital gain or loss on your federal return, it typically came from the sale of investment assets, like stocks. It looks like you have a carryover of $99,349 from losses on investment sales reported in prior years.

In the current year, that loss will be applied to current year net gains, if any, and the remainder will be deducted in the amount of $3,000 this year.

The question then is, is any of the current year gain or loss reported on your federal return associated with investments that you acquired after December 31, 2011? So, you need to look at the investment sales in the current year and those that took place in earlier years, as represented in the $99,349 carryover losses that were used in 2020 against the gains in 2020.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

stefansfo

Same here. Says "You have a net long-term capital gain of $386" "Enter the portion of gain/loss from assets acquired after December 31, 2011" - Sorry. Don't know what's going on exactly. Can't TT just figure this out for us?

mglauner

@stefansfo If you have a Capital Gain this year (probably from a Stock Sale reported on 1099-B), you could enter $386 as 'Portion of Gain/Loss from Assets Acquired After December 31, 2011.'

Unless you know that you sold old stock that you purchased prior to that date.

Check the 'Date Acquired' on your 1099-B to verify this.

Click this link for detailed info on Capital Gains.

THenry6

The question is there because AZ allows a 25% reduction of LTCG included in the federal AGI. However, that 25% reduction is only for capital assets purchased after 12/31/2011. The Arizona tax return has a worksheet to calculate the amount...but most broker 1099's won't supply the LTCG for assets purchase after 12/31/2011...so may require some hand calculations to arrive at the post-2011 LTCG.

NickyBImmortal

So if I recieved this question, I should check my investment portfolio and see what the net capital gain is ??

AmyC

Employee

You want to see what the gain is for the investments you have held since Jan 1, 2012.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

AZ-Taxes

Same or similar questions in 2023 for tax year 2022. When I get to the Arizona tax section titled "Capital Gain or Loss from Assets Acquired After December 31, 2011", I see "Capital Gain or Loss from Assets Acquired After December 31, 2011" followed by the box prefilled with my LTCG or LTCL. My questions are:

1. In addition to LTCG or LTCL, are STCL (net short-term capital losses) supposed to be added to this box? Or, only LTCL?

2. My scenario is this: LTCL: < $500

STCL: Near $20,000

Thank you in advance for your response.

DianeW777

No. Capital gain is by definition long term, and short term by definition is ordinary gain.

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.