Add Currency Legal Arizona Computers Forms For Free

Unlike the federal government, Arizona makes no distinction between short-term and long-term capital gains – or even between capital gains and ordinary income. Instead, it taxes all capital gains as ordinary income, using the same rates and brackets as the regular state income tax.

Net capital losses in excess of $3,000 can be carried forward indefinitely until the amount is exhausted. Due to the wash-sale IRS rule, investors need to be careful not to repurchase any stock sold for a loss within 30 days, or the capital loss does not qualify for the beneficial tax treatment.

Laws 1978, Chapter 213 repealed and rewrote Title 43 (Taxation of Income) to adopt the provisions of the federal Internal Revenue Code in order to calculate Arizona adjusted gross income tax liabilities for individuals and to calculate taxable income for corporations, trusts, estates, and partnerships.

In the case of a full-year Arizona resident, the starting point is the federal adjusted gross income. If that individual has a capital loss carryover deduction included in his or her federal adjusted gross income, that deduction will also be included in Arizona gross income.

That portion of the passive activity loss derived from Arizona sources which is required to be carried forward for federal purposes will similarly be carried forward for Arizona purposes.

You can use Form 140EZ to file if all of the following apply to you: You are single, or if married, you and your spouse are filing a joint return. You (and your spouse if married filing a joint return) are full year residents of Arizona.

Arizona then taxes capital gains as income, and both are taxed at the same rate of 2.5%. But Arizona does provide a 25% deduction for long-term capital gains, reducing Arizona's effective long-term capital gains rate to 1.875%.

Form 140 - Resident Personal Income Tax Form -- Fillable You may file Form 140 only if you (and your spouse, if married filing a joint return) are full year residents of Arizona. You must use Form 140 if any of the following apply: Your Arizona taxable income is $50,000 or more, regardless of filing status.

§ 43-1023(C) provides that an Arizona resident taxpayer may claim a $10,000 exemption for each of the taxpayer's parents or grandparents that meet the requirements set forth in A.R.S. § 43-1023(C).