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    • Created with Sketch. Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
    Created with Sketch. Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
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    Short term capital loss and Long Term Capital Gain California

    ataxguy
    Level 1
    ‎09-30-2020 06:40 PM

    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 Comment 1
    Terry53029
    Level 14
    Level 14
    ‎10-29-2020 11:33 AM

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

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