Charles, a California resident, was laid off from his job last year. To make ends meet, he and his wife had to

Question

Charles, a California resident, was laid off from his job last year. To make ends meet, he and his wife had to sell 150 shares of XYZ stock in Tax Year 2024. The stocks sold at a net loss of $4,500. What is the amount of capital loss carryover they will have for Tax Year 2025 on their California return?

GPT-5 mini · Answer

Their net loss was $4,500 in 2024. California (like federal) allows a $3,000 maximum capital loss deduction per year for married filing jointly, so they would deduct $3,000 in 2024 and carry forward $4,500 − $3,000 = $1,500 to 2025.

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