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Investors & landlords
Something still seems wrong. Were you accumulating "Passive Loss Carryovers" on Form 8582 (about $90,000) in previous years?
Unless you haven't mentioned a bunch of improvements, ($90,000) the numbers you gave me show a $23,100 loss ($235,000 minus $80,000 is your "basis" of $155,000, then $131,900 minus $155,900 gives a loss of $23,100).
Just to clarify terminology, "rental loss" is the loss from the sale of the rental, and "NOL" is based on the negative number on Line 41 of your Form 1040 (AFTER it offsets all of your other income).
Unless you haven't mentioned a bunch of improvements, ($90,000) the numbers you gave me show a $23,100 loss ($235,000 minus $80,000 is your "basis" of $155,000, then $131,900 minus $155,900 gives a loss of $23,100).
Just to clarify terminology, "rental loss" is the loss from the sale of the rental, and "NOL" is based on the negative number on Line 41 of your Form 1040 (AFTER it offsets all of your other income).
May 31, 2019
6:36 PM