Could you confirm how much, if any, of total allowable losses (columns (c), form 7203) would be limited by passive activity loss rules in the case where current year ordinary income, other net rental loss (Exceeding ordinary income), sec 1231 and interest income all derive from the same entity, and no money is at risk?
As this is a passive activity, I understand that any loss allowed from stock basis, exceeding current year passive income, for each category, generates PAL carryover. In this case, the difference between the total allowed loss that goes to Sch E p2 (Ordinary + rental) and current year income (None, as other net rental loss exceeded ordinary) generates PAL carryover. Correct? @JamesG1
