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Get your taxes done using TurboTax
No, unfortunately it does not work that way. The income is counted in your Adjusted Gross Income and because it is part of AGI it is taxable and can cause changes in other parts of your return. The loss, however, is deducted as an itemized expense on schedule A and will not count until your TOTAL itemized expenses exceed your standard deduction.
‎June 5, 2019
3:33 PM