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Non resident California K1 loss after gain last year

Forum|Forum|3 years ago
January 18, 2023
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I received a complete loss on a K1 from California. last year I paid $1000+ in capital gain on the same investment.

I have no other income in California. so I have no income to apply the capital loss towards in California.

Can I somehow reverse the gain from last year if this investment is a complete capital loss this year?

Best answer by Anonymous_

You are likely not going to be able to carry back a loss from this tax year to a prior tax year. You can, however, report the loss on your state return which will carry forward to future tax years.

A

Anonymous_Answer

Employee

You are likely not going to be able to carry back a loss from this tax year to a prior tax year. You can, however, report the loss on your state return which will carry forward to future tax years.

P

pasknycAuthor

is there any way to use that loss for other states ? I dont think I’ll have any other income in California in the next 3 years.

A

Anonymous_

Employee

@pasknyc wrote:

is there any way to use that loss for other states ?

Unfortunately, there is not unless you can get some sort of credit for the state tax your paid to California last year. Regardless, since you have a loss for 2022, there is really no way to use that loss in another state.