Keyword Analysis & Research: massachusetts capital loss


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What capital losses are not deductible for Massachusetts state tax purposes?

Capital losses that are disallowed as a deduction under Code § 165 (c) (losses on personal use property), § 262 (personal expenses) or § 267 (losses between related parties) are not deductible for Massachusetts state tax purposes. G.L. c. 62, § 1 (m).

When did Massachusetts change the tax treatment of capital gains?

I. Introduction. Effective for tax years beginning on or after January 1, 2002, the Massachusetts Legislature enacted changes regarding the income tax treatment of capital gains and losses under chapter 62 of the General Laws. See St. 2002, c. 186, and St. 2002, c. 364.

What happens to unused net long-term capital losses?

If, on April 30, 2002, a taxpayer has any unused net long-term capital losses (from the classes taxed under prior law at the rates 5% - 0%), the aggregate amount of such net losses shall be taken into account after April 30, 2002 as a loss on the sale or exchange of a capital asset held for more than one year. G.L. c. 62, § 2 (e) (N). 2.

How are part a short-term capital losses applied to capital gains?

Part A short-term capital losses, including those carried over from prior years, are applied against Part A capital gains (short-term capital gains and capital gains on the sale of collectibles [ 4]). G.L. c. 62, § 2 (c) (2) (a). A Part A short-term capital loss is a loss from the sale or exchange of a capital asset held for one year or less.


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