Yes! That is exactly what happened.
For 2019 my AGI showed a negative at: -$14,334
Filing Single with no dependents.
No W2 income
Rental Income: $5904
Savings Interest: $6610
Capital Gains from Sale of rental house: $11,364
Total: $23,878
Rental Property Losses: -$32,308
For 2020 I have:
$18367 in Short Term Capital Gains
$5505 in Interest
$264 in Dividends
$27,962 in Pandemic Unemployment Benefits.
So with $24,136 in Capital gains and interest along with the 27,962 in unemployment.
$12, 400 standard deduction
$10, 200 of the Unemployment benefits exempt from tax.
Can I use some of those losses from last year to reduce or eliminate my tax owed for 2020?
I also wasn't sure if I was supposed to enter the actual loss amount of $32, 308 or if I was supposed to only put in the "allowed" 25k deduction for last year?
Thank you in advance for assisting with this! 🙂
