I have three rental properties, all three with passive carryover losses. For ease of question, say each property has $10k in carryover losses ($30k total). I treat each property separtely on taxes (column A, B, C, etc.).
If I sell Property A at a $20k profit, do I pay taxes on a $10k gain (20k profit - 10k carryover loss on that property, or do $20k of my carryover losses wipe out the $20k gain for reporting. Or something different?
