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Get your taxes done using TurboTax
@Discouranged: It doesn't sound like you're making a mistake. Its very possible for the 'gain subject to recapture' to be much higher (or lower) than your total gain. So if your total gain was $20, and your 'gain subject to recapture' was $50, you'd pay ordinary income tax on that $50 but also have a capital loss of $30 to partially offset it. AND don't forget, you've also been accumulating passive losses which TT will also release, and which may largely offset 'gain subject to recapture'.
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**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
**Note also, I'm not a Tax Preparer/CPA. Just a volunteer, seasoned, TurboTax user.
Use any advice accordingly!
March 18, 2020
11:27 AM