Announcement

Collapse
No announcement yet.

How to handle capital loss on sale of residential rental property

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    How to handle capital loss on sale of residential rental property

    The tax software is treating loss as nondeductible <53000> although Tax Book indicates on 6-12 under section 1231 that losses are treated as ordinary losses not subject to the
    3000 limit. Any help in resolving this conflict would be appreciated.

    #2
    Loss, capital or ordinary

    Are you sure you marked it as a complete disposition of business property?

    Comment


      #3
      Good point

      My tax software won't release the loss unless the schedule e screen has that box checked, disposed of property this year.
      Circular 230 Disclosure:

      Don't even think about using the information in this message!

      Comment


        #4
        Question

        Originally posted by Dale Watkins View Post
        The tax software is treating loss as nondeductible <53000> although Tax Book indicates on 6-12 under section 1231 that losses are treated as ordinary losses not subject to the
        3000 limit. Any help in resolving this conflict would be appreciated.
        Is this a personal loss (you're up the creek!) or a business loss?

        FE

        Comment


          #5
          is it 1231 loss or 1250 loss? did you look at the form 4797 and how it transferred to schedule D?

          Comment

          Working...
          X