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T
Taxpayer
Level 1
October 8, 2020
Question

How do you enter a 1231 gain in ProConnect?

  • October 8, 2020
  • 1 reply
  • 6 views

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 reply

T
TaxGuyBill
Level 15
October 8, 2020

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.

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