Business & farm

With regards to your 1st question on using capital loss,  your capital loss carryover on your investments is first used to offset the current year's capital gains if any. You can deduct up to $3,000 in capital losses ($1,500 if you're Married and Filing Separately). Losses beyond that amount can be deducted on future returns as a capital loss carryover until the loss is all used up. For example, if your net capital loss in 2020 was $7,000 and you're filing as single: If you have no capital gains for 2021 and 2022, you can deduct $3,000 of the loss on your 2020 return, $3,000 on your 2021 return, and the remaining $1,000 on your 2022 return.

The Tax Basis of the property will be used to compute the gain/loss on the sale. This means the original cost, less accumulated depreciation to the date of sale. TurboTax program will compute the depreciation recapture. In addition, the cost of selling the property will also be factored in computing your gain as well as any improvements/repairs made in the year of sale.

For your 3rd question, the sale of your rental property should be entered in Schedule E as follows:

1. With your return open in TurboTax, search for rentals and then select the Jump to link in the search result.
2. Answer Yes to the question Did you have any income from rentals or royalties?
3. When you get to What are you here to report? select Rental property and fill out the description, address, and owner.
4. When you hit Tell us about your situation this year check the Sold box along with any other boxes that may apply.
5. Continue following the onscreen prompts to enter info about your rental property. Eventually, you'll get to the Review your rental property info screen. You can report the sale in the Expenses/Assets(Depreciation) section, along with any other pertinent info (like income and expense.
6.  

See the link below for more information:

Sales of Rental Property

@Tax2019Pay