Exhausted enough cap losses to offset any federal capital gains taxes, however, NYS still shows tax since it considers it as ordinary income and has a lower standard deduction. I could use additional (stocks) losses to lower the NY tax, however, there is no additional benefit on the federal level and those losses may serve me better in the future. Looking for suggestions, thanks.
Im not sure what you mean by
" I could use additional (stocks) losses to lower the NY tax, however, there is no additional benefit on the federal level and those losses may serve me better in the future."
You either have realized losses or you don't, you cant "save them for later"...or do you mean for 2020 you could still sell more stocks at a loss? ...losing money to save on taxes is generally a poor financial strategy....you may pay less taxes, but you also have less money.
Not sure what you meant. NY generally conforms with the IRC on a rolling basis but provides for specific modifications where applicable.
NY taxable income and adjustment gross income of resident individuals are defined under §§611 and 612 of Article 22. Modifications for NY-AGI are found under §612. Except where basis adjustments are required (e.g. certain specific credits were previously allowed), capital gains and losses would simply flow through from F.1040.
There's no game to play here.
Still an AllStar
@itonewbie , were i to rewrite your reply, it would sound something like, ‘NY and NYC generally conforms with the IRC on a rolling basis, but occasionally (well, maybe more than occasionally) makes a hard left turn and completely departs from conventional tax theory. 🙂... there wasn’t enough info to understand exactly what the OP was referring to... just hope that he and the software has got it right.
...a friend of ours sent me an email once complaining that NYC did not recognize an SCorp and treats it as a C. The result was that the NYC business owner/resident ended up paying a double tax on the same income.... the only possible response was ‘yup’.
Agree. NY has gotten quite aggressive in recent years with regard to the interpretation of statutory residents. NYC treatment of s-corps has also been a topic of discussions here in the past.
Still an AllStar