Capital Gains and Losses
Questions and comments about tax rules for buying and selling stocks, mutual funds, real estate and other assets.
california taxes for capital gains and losses
Posted by: investorincali, March 10, 2017 03:16AM
Hi,this my first post so I joining the community!!

for 2016 tax, I had both long-term capital gains and losses in stocks. for federal I only need to pay long-term (net capital gains) = (capital gains) - (capital losses).

for california taxes is it the same? do I pay tax on (net capital gains) or is on (capital gains) only, which means cannot exclude capital losses.

Re: california taxes for capital gains and losses
Posted by: kaneohe, March 10, 2017 03:34AM
CA starts w/ Fed AGI and tweaks from there. Since Fed AGI is based on net CG, CA is also so I would say you pay on the net. Note that CA taxes CG the same as ordinary income.

Re: california taxes for capital gains and losses
Posted by: investorincali, March 10, 2017 03:38AM
I see!! thanks kaneohe!



Sorry, only registered users may post in this forum.