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Use of losses in years after property was sold
I sold a rental property in 2018 (a qualified taxable transaction). Over the 12 years I owned the property it had operating losses (expenses exceeding income) and those losses were suspended as I did not have other passive income to use them against. When I sold the property TurboTax brought all the losses forward and used the total as an adjustment to my 2018 income. However the total of the losses were more than my income, therefore I had losses "leftover". Should I expect those "leftover" losses to carry forward to be used in 2019?
‎December 19, 2019
2:00 PM