trisha0790
Level 2
03-28-2020
01:45 PM
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Taxpayers sold business property in 2017 at a loss and generated $471,000 section 1231 losses. This year they have over $100,000 K-1 income from a business (100% shareholders in an S-corporation) as well as $150,000 self employment income. I thought 1231 losses could offset ordinary income but program isn't taking the losses into consideration and offsetting either of these income streams. Did I miss the boat? Thank you in advance to anyone who is taking the time to respond this late into tax season!!!
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