Taxpayer
Level 1
10-08-2020
08:25 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a sale of a farm for which there is a gain, however I also have a passive loss from a rental activity that I would like to use against the gain. I can't figure out how to force ProConnect to recognize the 1231 gain on the sale of the farm so that I am allowed to take the passive loss against it.
Labels
TaxGuyBill
Level 15
10-08-2020
09:49 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Can you clarify why you think the Passive Loss from the rental can be used? Unless the taxpayer qualifies for the special $25,000 exception, Passive Losses can only be used against Passive Income.
