California Capital Gain Adjustment

Forum|Forum|2 years ago
March 7, 2024
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On my California return, how do I get your system (TurboTax Online) to make a subtraction adjustment to my federal Capital Gain on Schedule CA (540) line 7, column B, and create the Schedule D (540) for that?

The reason for this is that I have a capital gain transaction from a Partnership/LLC that has a different federal basis and state basis, so I need to make that adjustment on my CA return. I know what needs to happen on the tax forms, but can't find a way in your tool to make that happen.

rjwpremier

There is a way to make the adjustment on a Mac in Turbotax Desktop to eliminate the capital gain or loss for Ca state, if that is appropriate for a particular situation. Go to the the California Form D (rather than easy step) and to the left of Sales Price - you will see a little box to click on. Once you do that - the capital gain or loss amount will be deleted from the state return.

I have not tried it but you might be able to enter a different California basis for Schedule D gains and losses on that same form.