I just completed a 1041 with a sale of rental property at a loss. The loss came out as an NOL rather than a capital loss as I expected. Is this correct?
I just completed a 1041 with a sale of rental property at a loss. The loss came out as an NOL rather than a capital loss as I expected. Is this correct?
Yes. It is a 1231 loss. Net 1231 losses are ordinary. Net 1231 gains are capital gains.
The more I know, the more I don't know.
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