MA abandonment

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Subject Author Date MA abandonment Pats Fan 06-10-2009
Posted by Pats Fan on June 10, 2009, 4:08 pm Please log in for more thread options A client had Cancellation of Debt Income under a Form 1099-A on a 2007 return. On the Federal return, the income was mitigated by the ability to take a capital loss on the disposition of the property. On the Massachusetts side, however, I found an inability for the same beneficial result. Any loss on the disposition of the property was allowed as a loss carried to the following year, which resulted in a large tax and liability. Anyone know of a way to take the loss on the state? -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >>