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Get your taxes done using TurboTax
Since you sold the property the entire passive loss should have flowed into your 2020 tax return, so I expect this was a carryover Capital Loss.
To correct Capital Loss Carryover:
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Wages & Income
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Scroll to Investment income
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Select Capital loss Carryover
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Make your corrections
You are allowed a maximum capital loss in any one year of $3,000, and any excess loss can be carried forward to future years to offset gains. Each subsequent year also has a maximum loss limitation of $3,000.
There is no limit to the number of years you can carry a capital loss forward. However, you are not allowed to carry a capital loss back to a year before the capital loss occurred.
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March 15, 2022
10:40 AM