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Get your taxes done using TurboTax
If the sale of your condo is a complete disposition of the property, that is you don't maintain any ownership interest, and you have not sold the condo to a close relation, then your suspended losses (probably passive losses) become ordinary losses and can be used to offset ordinary income. Thus, the losses you were never able to use can be used to offset any gain on the sale of the condo. If you still have losses after offsetting your gain from the sale of the condo, those leftover losses can offset other forms of ordinary income such as wages.
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March 1, 2023
7:33 AM