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O
orolfo
March 25, 2025
Question

Why is my capital gain basis for my Massachusetts taxes 50% higher than for my federal taxes?

  • March 25, 2025
  • 1 reply
  • 0 views
Different capital gain amounts for State and federal tax forms? Why?

    1 reply

    AmyC
    AmyC
    Employee
    March 27, 2025

    1. MA basis varies with the long term holding period, based on 2003. 

    2. MA has 3 different tax rates for capital gains. See page 11 of  2024 Form 1 Instructions.

    3. Each state has their own tax rules and they are all very different. There is no requirement to conform to the IRS.

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