Any Experienced Preparers for Louisana?

[WhiteOleander]

I have a client that lives in Texas. He had inherited 1/3 interest in farm land in Louisiana back in the 70's. So his basis is pretty low.

The land sold in 2016. His gain is about 240,000.00. He does not have any tax due on the federal return because he had a capital loss carryover of about 350,000.00. (he is a really bad investor and keeps buying a selling stock. can't convince his to stop)

However, the tax is about 13,000.00 on the LA return. Since he has not filed in LA before, can he use the federal carryover loss to offset the gain on the LA return?

Thanks much for any info.

[Super Mom]

I see you have no responses yet, I'm not familiar with that state, but IF that state rides off of the federal for income, of course you use the federal to determine that. Did your tax software do that state based on the federal?

[TAXNJ]

I see you have no responses yet, I'm not familiar with that state, but IF that state rides off of the federal for income, of course you use the federal to determine that. Did your tax software do that state based on the federal?

Better to read the state instructions or call the state than rely on software.

[Snaggletooth]

Redneck

There is a guy from Covington LA who has posted on this board in the past. He was pretty reliable. Haven't heard from him in a long time. His board name was "Redneck". If you can dredge him up, send him a private message.

At one time, he was all things Louisiana for the rest of us.

[WhiteOleander]

There is a guy from Covington LA who has posted on this board in the past. He was pretty reliable. Haven't heard from him in a long time. His board name was "Redneck". If you can dredge him up, send him a private message.

At one time, he was all things Louisiana for the rest of us.

Thanks much

[MAJ]

States Vary - SO Reading is KEY!

NJ does not like losses.. They didn't force you to invest! So if you have a loss they don't care and really don't want to know about it!! LOL..

So, Read - Re-Read - But - I agree - Ask at the State level to be sure..

[Nelstax]

Hi, Louisiana here..it's late in the season and most (if not all of us) are fatigued so excuse me if I am missing something. He must have income other than the sale of the land to show the taxable amount on the state return. Since there is a carryover for the huge loss and only 3,000 deducted per year, there should be other income for the year causing the tax. Do you have any more information to share about it?