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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.
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- Re: How do you enter a 1231 gain in ProConnect?
How do you enter a 1231 gain in ProConnect?
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Taxpayer
Level 1
10-08-2020
08:25 AM
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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.
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1 Comment 1
TaxGuyBill
Level 15
10-08-2020
09:49 AM
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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.
