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Get your taxes done using TurboTax
@M-MTax that won't work. the $55K will likely be on schedule D and treated as long-term capital gain while the deduction on schedule 1 would be treated as ordinary loss resulting in an incorrect tax calculation. Better for the taxpayer if needed, to show the $55K as an adjustment on Schedule D so there is no gain or loss.
‎December 4, 2024
11:51 AM