1040 filing separate since 2018. Wife sold lots for Gain, but only 1/2 of carrforward of investment interest and tax comes through. How do I show full amount against gain?

Christine384 · ‎03-24-2021

because of filing separate starting in 2018, only 1/2 of carryforward allowed because of filing separate. How do I show full amount of prior unallowed interest and property tax with 2020 when lots, passive, were sold for gain? Husband is receiving 1/2 of sale proceeds so his portion of 1/2 carryforward needs to show up against gain.

George4Tacks · ‎03-24-2021

Show as an adjustment to basis. If you are doing this in Screen 22, look at the Sections for General Disposition Information and there is a line for Basis adjustment

Answers are easy. Questions are hard!