Meredith W. asked

💰  Tax

If I owe the California Franchise Tax Board 3.33% of the sale price of land I am selling, which amounts to around 9K in taxes, and I report a capital gains loss of 50K in the same year, will I get the 9K refunded since I am technically at a loss for the year?

February 22nd, 2023

Samantha R. answered

Generally, capital gains losses can offset taxes owed, but this is a complex situation that may invo...

February 22nd, 2023

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