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Business & farm
@GClyde wrote:
The TT CPA said rental property capital loss at sale, unlike stocks, does not carry forward......
What you have is known as a "Section 1231 loss", not a capital loss. That is generally a good thing because the loss is treated as an ordinary loss and can offset all other income, typically without limitation.
The rules are somewhat complex but, essentially, although there is no carryover for the loss, it could possibly create an NOL. You figure an NOL using Form 1045 which, unfortunately, TurboTax does not support.
‎October 3, 2019
8:30 AM