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ataxguy
Level 2
September 30, 2020

Short term capital loss and Long Term Capital Gain California

  • September 30, 2020
  • 1 reply
  • 5 views

Got a scenario where the client has LTCG for CA from a stock sale and STCL from the cancellation of debt from a loan for Federal considerations (non-business bad debt). The loan agreement was over 2 years and this year the debt cancellation resulted from the insolvency of that business which was fully operating in Boston. Any weird tax considerations to consider? 

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    1 reply

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    Terry53029Intuit Community Champion
    Intuit Community Champion
    October 29, 2020

    none comes to mind, as long as the client has documentation. Both are put on form 8949

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