MA abandonment


P

Pats Fan

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?
 
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