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California 540 tax Please show how you get the answer In September 2018, Lincoln, single, moved to California. At the time he moved to California,
California 540 tax
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In September 2018, Lincoln, single, moved to California. At the time he moved to California, he had a capital loss carryover of $12,750 from previous years when he resided in New York. The capital loss was not related to California source income. Lincoln has $8,500 in capital losses for tax year 2019. How much of this capital loss carryover will Lincoln be allowed to claim on his California state return this year? a) $ 5,500 b) $ 7,000 c) $18,250 d) $12,750
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