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    I just completed a 1041 with a sale of rental property at a loss. The loss came out as an NOL rather than a capital loss as I expected. Is this correct?

    lynnefletcher1
    Level 1
    ‎12-07-2019 06:18 AM
     
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    sjrcpa
    Level 15
    ‎12-07-2019 06:18 AM

    Yes. It is a 1231 loss. Net 1231 losses are ordinary. Net 1231 gains are capital gains.


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    sjrcpa
    Level 15
    ‎12-07-2019 06:18 AM

    Yes. It is a 1231 loss. Net 1231 losses are ordinary. Net 1231 gains are capital gains.


    Ex-AllStar
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