Question

Long-term capital loss

Forum|Forum|5 years ago
April 20, 2021
1 reply
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I have long-term capital losses that exceed my long-term capital gains, and this shows up correctly on my federal return; however it appears I am taxed on my long-term gains in my PA state return. Why?

E

ErnieS0

Do you have federal carryforward losses? Pennsylvania does not recognize capital loss carryforwards or carrybacks, nor long- and short-term capital gains.

All gains and losses are lumped together for the year. Any unused losses cannot be applied against other years or other types of income. Additionally, if you are married and each spouse has a separate account, the loss from one account cannot be applied against the gain from the other spouse's account.

Without seeing your transactions, I'm not sure exactly what you are seeing. Your net losses should bring your down to $0.

See: Net Gains (Losses) from the Sale, Exchange, or Disposition of Property

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