Are there any limitations or restrictions on using California capital loss carryover for cryptocurrency losses?

1 answers

• salanMay 02, 2023 · 2 years ago
  Using California capital loss carryover for cryptocurrency losses is subject to certain limitations and restrictions. The capital loss carryover can only be used to offset capital gains in the same category. This means that if you have capital losses from cryptocurrency investments, you can only use the capital loss carryover to offset capital gains from other cryptocurrency investments. You cannot use it to offset capital gains from other types of investments. Additionally, there may be limitations on the amount of capital loss carryover that you can use in a given tax year. It's important to consult with a tax professional or refer to the official guidelines from the California Franchise Tax Board for specific details and calculations. Please note that tax laws and regulations may change, so it's always a good idea to stay updated and seek professional advice when dealing with cryptocurrency taxes.
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