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Investors & landlords
Critter - Thank you, I really appreciated your response. Sch 1 line 21 flows to 1040 Line 6 which will be added to ordinary income. This does not seem correct since about 5 years ago I took a capital loss on Sch D since I sold all the stock at a Hugh loss. Why would I not report the whole amount as either a ST or LT capital gain to offset the loss I took on Sch D? This stock settlement does not nearly cover all my Sch D losses I am still carrying forward so if I entered it as a capital gain instead of ordinary income I would not have to pay any taxes and my carry forward Scd D losses would be reduced by the amount of the settlement. Does using Sch 1, Line 13 - Capital Gain or Loss attach Sch D if required OR Sch 1, Line 14 - Other Gains or Losses attach form 4797 more appropriate? Thank you