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Investors & landlords
@lindajof No, you CAN'T do that. You can't selectively choose not to take the loss. You MUST claim the entire loss.
*IF* that loss results in total negative income on your tax return (Line 41 of your 2017 Form 1040 would be negative), THEN you have a Net Operating Loss, and the program will ask you if you want to carry that EXCESS amount forward.
Again, you can NOT selectively choose not to take the loss. You can NOT put a negative number on Line 21 just because you don't want to claim it. If you did that, you NEED to amend your tax return to correct it.
*IF* that loss results in total negative income on your tax return (Line 41 of your 2017 Form 1040 would be negative), THEN you have a Net Operating Loss, and the program will ask you if you want to carry that EXCESS amount forward.
Again, you can NOT selectively choose not to take the loss. You can NOT put a negative number on Line 21 just because you don't want to claim it. If you did that, you NEED to amend your tax return to correct it.
‎June 4, 2019
7:13 PM