Champ Carl, thank you so much for your counsel. I sold another condo 6 years and it automatically populated our "loss" bucket to offset all the gains and left some too.
Question:
- What form are you suggesting. I was using 4797.
- Do I just subtract my loss bucket number from my gain? The math on the form 4797 doesn't work that way. It shows $398K sales price, $221K depreciation with cost basis of $414 with gain showing $205. I have a loss bucket of $138K . Where do I account for the loss bucket?
THANK YOU FOR YOUR HELP. VERY MUCH APPRECIATED!!!!!!!!!!!!!
