we sold our rental property this year and I cannot figure out how to apply the NOL to the capital gains.
we have no other rental property, this was it.
Any help would be greatly appreciated.
If you had an NOL from a prior year, it would be entered on Line 8, 1040 as a negative number. It would not directly be counted against capital gains, but all your income.
To enter an NOL that was not carried forward in TurboTax, go to
- Tax Tools
- Topic Search
- Type in NOL
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we sold our rental property this year and I cannot figure out how to apply the NOL to the capital
Let's take a step back.
Are you SURE you mean NOL (a previous tax return had net negative income on the entire tax return)?
Or are you referring to the Passive Losses that were not allowed for the rental property?