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Investors & landlords
Based on the facts, TT appears to be handling this correctly.
Since your gain on the real estate is ST, this is treated as an ordinary gain; not capital.
For C corporations, capital losses can only offset capital gains. Any excess CL is carried back 3 years and then forward 5.
*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.
‎December 18, 2023
12:00 PM