Question

For AZ return, I have a negative number from loss from assets acquired after December 31, 31, 2011 shown by Turbo Tax.

Forum|Forum|5 years ago
March 14, 2021
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For AZ return, I have a negative number from loss from assets acquired after December 31, 31, 2011 shown by Turbo Tax. When I answered the question "Enter the portion of gain or loss from assets acquired after December 31, 2011" using a minus sign in front of the number (negative number given by Turbo Tax), my AZ refund is unchanged. When I used a whole number without the negative sign, my AZ refund went up. Which is correct? Please help.

E

ErnieS0

Enter the amount as a negative number since you have a loss. The amount entered is meant to subtract a portion of a capital gain reported elsewhere. If you have a loss, you subtract more to claim a larger loss.

Beginning in 2013, you may take a subtraction from Arizona gross income for a percentage of any net long-term capital gain included in a resident’s federal adjusted gross income (Arizona gross income for nonresidents) that is derived from assets acquired after December 31, 2011.

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