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- If someone has a 30000-capital gain from a k1 (1231gain)and on a different k1 a rental loss of 40000 from this year and 35000 caaryforward losses from previous years, does this loss eliminate the ca...
If someone has a 30000-capital gain from a k1 (1231gain)and on a different k1 a rental loss of 40000 from this year and 35000 caaryforward losses from previous years, does this loss eliminate the capital gain tax.
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bobnaimark
Level 1
11-17-2022
10:13 AM
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2 Comments 2
Accountant-Man
Level 13
11-17-2022
10:18 AM
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If all items are passive then the gain should be offset by the losses.
Can you use a dummy tax return to test this out? I can using Pro Series since I have an unlimited license.
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Terry53029
Level 14
11-17-2022
10:42 AM
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I am pretty sure capital gain can absorb both capital and passive loss carryovers.
