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The recognized capital gain didn't offset the unallowed rental loss, Why?
Here is my situation: first, after I entered all the rental income, expenses, and depreciations, I calculated a rental loss. Part of the loss is unallowed and I saw in the form 8582 that it will be carried over to next year. On the other hand, I exchanged one of my properties and recognized part of the realized capital gains. Because the recognized gains will be taxed this year, I believe the recognized gains should be used to offset the rental loss so that no unallwed rental be carried over to next year. However, I didn't see that this shows in my Turbotax form 8582 and schedule E. Is there anything I did wrong possibly or I missed anything?
Thanks in advance
March 14, 2022
11:40 AM