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Level 2
April 14, 2025
Question

D30 Unincorporated Business Franchise form- Sale of rental Property release of Passive Losses

  • April 14, 2025
  • 1 reply
  • 7 views

Client sold DC property in 2024. 2024 Rental income and Expenses flowing through. Capital Gain flowing through. Prior year passive losses are released on 1040 but not showing up on the D-30.  

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    1 reply

    sjrcpa
    Level 15
    April 14, 2025

    D-30 doesn't do "passive".

    There may be an NOL carryover for the D-30, or not since taxable income on a D-30 is different than the taxable income of that property on a 1040.

    The more I know the more I don’t know.