Asset Sale losses in Virginia

Forum|Forum|1 year ago
March 5, 2025
2 replies
18 views

New client started a Sch C business in 2024; bought large dollar items and sold some of them for a loss. The loss is showing on the 4797, but no loss is carrying over to the Virginia Form 760--what am I missing to get this is transfer to Virginia?

ProSeries Professional

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sjrcpa

Level 15

Is this a multi state return?

The more I know the more I don’t know.

T

Terry53029

Intuit Community Champion

Need more details, such as resident, non resident, part year resident, moved to another state ??

T

tammieAuthor

Level 4

This is not a multi-state; client is a full year resident of Virginia. He is a new client forming a new Schedule C business. He purchased several large pieces of equipment for the business and sold some of them at a loss. I entered the assets in the fixed asset screen on Proseries. And then entered the disposition date and sales amount in each of the sold assets. Everything looks fine on the federal side, but on the Virgina tax return, I don't see the losses on the sale of the assets like I was expecting. I think I must be missing something, but I don't know what. I appreciate any advice.

rbynaker

Level 13

VA starts with Federal AGI and makes adjustments from there. What are you expecting to see appear on the VA return?

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