California income tax question

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  • #8114
    wanttoknow
    Participant

    I am a California resident who used to be a Pennsylvania resident.

    I still own the Pennsylvania condo apartment I used to live in. But I have not been there, nor anywhere else in Pennsylvania, since 2012.

    The Pennsylvania condo has never been rented out, nor lived in by anyone else since I have owned it. It still contains everything I owned when I lived there except for some clothing and personal papers.

    I have owned my California home since 2003, and it qualifies as my principal residence if I were to sell it.

    I may sell the Pennsylvania condo within a year or so, and expect a substantial loss.

    I understand the capital loss is not deductible on my federal income tax because it is a loss on a capital asset held for personal use. Is it deductible on my California income tax?

    #8159
    ruth
    Participant

    California follows federal law unless there’s a specific California provision that states otherwise. I can find nothing in California law that allows a capital loss on the sale of property held for personal purposes.

    California Publication 1001 contains a thorough discussion of the differences between California and federal law. https://www.ftb.ca.gov/forms/2019/2019-1001-publication.pdf

    #8161
    wanttoknow
    Participant

    Thank you, Ruth!

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