Thank you Amy for the last two posts - you've clarified a couple questions I had in mind too.
One question which so far no one has been able to answer for me:
1) If I have capital loss carryovers as well as passive loss carryovers for multiple condos
- when I sold condo for a gain, it reduced my capital loss carryover (agree)
- but why did it also reduce my passive loss carryovers, not only for the sold condo but by large amounts for the other unsold condos too. I would think the unsold condos will just get the additional special allowancess upto 25K?
- In the 3801 forms (for CA), worksheet 4 has me puzzled by the way it calculates the unallowed loss amounts for the unsold condos. Can't understand the calculation of how the loss in column 1, ratio in column 2 yield the unallowed loss in column c
Help?!!!!
