Capital Gains - California

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mj23
Posts: 9
Joined: Wed May 20, 2020 10:06 pm

Capital Gains - California

Post by mj23 » Sun May 24, 2020 2:22 am

Hello,

Filing my 1st California Tax return after emigrating from Canada in 2019.
I sold 4 out of 5 stocks listed on my Canadian deemed disposition forms in 2019, so I will have to declare capital gain on my US & California return.
1. How would I calculate capital gains on those sales for California Tax return:
a) using original ACB converted to USD FX on original purchase date, or
b) using FMV on departure date converted to USD FX on departure date (i.e. stepped up cost basis)?

2. Do I need to add deemed disposition capital gains to my California Tax return for the 1 remaining stock I didn't sell?
I know I don't need to include deemed disposition capital gains to my 1040, but wasn't sure if it's different rules for California.

nelsona
Posts: 16429
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Capital Gains - California

Post by nelsona » Sun May 24, 2020 7:37 am

I don't delve into state taxes. Consult California FCB.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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