Level 11
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Investors & landlords

Yes that should be correct.

See Pub 542 for more information and also the instructions for F1120

https://apps.irs.gov/app/picklist/list/priorFormPublication.html?resultsPerPage=200&sortColumn=sortO...

Going through F1120, capital gain is included in the total income section.

Deductions are listed below.  In your example, barring any "limited" deductions, taxable income should be $75K.



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