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bobnaimark
Level 1
November 17, 2022
Question

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.

  • November 17, 2022
  • 2 replies
  • 19 views
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2 replies

Accountant-Man
Accountant-Man
Level 13
November 17, 2022

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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    Terry53029Intuit Community Champion
    Intuit Community Champion
    November 17, 2022

    I am pretty sure capital gain can absorb both capital and passive loss carryovers.

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