@Mike9241 Agreed - I am in quite a pickle. I did not choose to waive my carryback in a timely manner for 2017 & 2018. B/c I did not file the waiver, I cannot waive the carryback period. And I am not eligible for the carryback period. Kind of a Catch-22.
I'm fine using passive losses and carrying them over but it doesn't seem to work for me.
Here's a Form 1040 illustration:
Interest and dividends : 11,000
Capital Gains/loss: -3000
Rental real estate: -21,500
AGI: -13500
Itemized deduction: 37,000
My Itemized deductions wipe out all of my income. 11k - 37k = -26k
The real estate losses were not needed to decrease my tax bill. There is no carryover of my real estate losses. to the next year. Maybe I'm missing something here. Like I forgot to click on a checkbox.
(The capital gains/loss doesn't actually get used and gets carried over to the next year).
