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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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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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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.
