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Investors & landlords
Hi Mike, thank you for your reply!
I didn't know about "sold a property that frees up any suspended passive losses". The -$26858 loss was from year 2022 and combined from several rentals. The gains of $19018 was from two different rentals.
Does that mean I can sell property A for a gain and activate the suspended losses produced by properties B, C, and D...?
So the Turbo tax software is filling out the forms correctly? I was worried because I always though rental loss is passive and can not offset active income.
Thank you!
‎April 2, 2023
1:45 PM