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Business & farm
Based on the facts above and assuming no additional 2018 K-1 allocation:
1) Since you have a complete disposition, you would be able to deduct all suspended losses.
2) Also based on the basis figure noted above, the ending capital (also your tax basis) of $2,315 would be deducted as a LT capital loss. This would be reported on the applicable form 8949 and Sch D.
1) Since you have a complete disposition, you would be able to deduct all suspended losses.
2) Also based on the basis figure noted above, the ending capital (also your tax basis) of $2,315 would be deducted as a LT capital loss. This would be reported on the applicable form 8949 and Sch D.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎June 5, 2019
2:26 PM