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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- How do I tell California Form 3461 that a 1231 gain is business income?
How do I tell California Form 3461 that a 1231 gain is business income?
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ellenabel
Level 3
10-05-2022
10:01 PM
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I have an individual taxpayer with a excess business loss carryforward from 2020 to 2021 for California purposes. How do I adjust California Form 3461 Part II line 10 which is where you enter income or gain that is not attributable to a trade or business. I have a 1231 gain attributable to a trade or business flowing through a K-1. I have checked the box in the K-1 input which says subject to 461 limitation on business losses - no. The CA 3461 is including the 1231 gain online 10 as income not attributable to a trade or business.
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