Hi,
We have a capital loss of $270K from carry over from 2023 tax return, in 2024, we sold a rental property we owned for 10 years with a gain of about $200K. We expect the carry over loss can offset all the capital gain. However, Turbo tax gives us a summary that only $125K is used to offset the capital gain. As a result, we still have to pay huge tax on the gain. Is there any thing we missed?
thanks,
GQwe1999
