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Business & farm
Response:
1) Difficult to say based on an earlier post of what the accountant was doing incorrectly.
2) If the 2017 return is prepared correctly, your suspended losses would be reduced by the $365 of 2017 income. So based on the facts it would be $1,656 minus $365 = $1,291.
3) Tying to do a hypothetical for 2018 involves too many assumptions. Just follow the same analysis for 2018 as has been reflected in these comments.
4) In general, your tax basis will be adjusted by any 2018 activity. You will most likely have an ending tax basis amount and this will be a LT capital loss.
1) Difficult to say based on an earlier post of what the accountant was doing incorrectly.
2) If the 2017 return is prepared correctly, your suspended losses would be reduced by the $365 of 2017 income. So based on the facts it would be $1,656 minus $365 = $1,291.
3) Tying to do a hypothetical for 2018 involves too many assumptions. Just follow the same analysis for 2018 as has been reflected in these comments.
4) In general, your tax basis will be adjusted by any 2018 activity. You will most likely have an ending tax basis amount and this will be a LT capital loss.
*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