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Investors & landlords
You sold the property in 2019, so you were able to completely use ALL of the Passive Losses. The $25,000 limit does not apply, they were all used.
When you used all of the losses on your 2019 tax return, did that create a 'net' negative income on your tax return? In other words, did you have at least $32,000-ish of other income on your tax return for the loss to offset (which would have resulted in a 'net' positive amount of income), or was your other income less than $32,000-ish (which would have resulted in a 'net' negative amount of income)?
March 27, 2021
9:23 AM