I sold a rental property that I have held for over a year at a loss of more than $60,000 in 2016. If I understand correctly I will only be able to deduct $3,000 of that loss for the next 20 years totally $60,000. If that is true does it really matter if I maximize all possible loss deductions since it will come to around $80,000 which is a lot more than I will be allowed? Thanks
I am not interested in carrying back the loss for 2 years as if I do I assume I will have to file amended returns for 2014 and 2015? Is that correct? I read that if you do NOT want to carryback the losses there is something you need to fill out. Does TT do that for me or will it ask if I want to carry it back?
