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Investors & landlords
As has been mentioned, you really need a tax professional for this tax year (2022). TurboTax cannot assist you until the software for 2022 is released and you sign up for TurboTax Live or Full Service.
Capital losses can offset capital gains but you will have depreciation recapture and that will be taxed at your ordinary income tax rate up to a maximum of 25%. Also, any suspended passive losses from the rental will be released upon the sale and can be used to offset all other types of income.
May 11, 2022
7:07 AM
1,221 Views