I think the netincome should be reduced by 10000, however the online version did not. Is this a bug?
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Even for active participants, the maximum loss you can take is $25,000 per year. That amount declines as your other income hits $100,000, and reaches zero at $150,000 in other income. At that point, any loss for the year is carried forward until such time as the property is sold in a fully taxable sale.
If you are Married Filing Separately, no loss is allowed if you lived with your spouse at any time during the year and only $12,500 maximum if you lived apart all year and met all the other conditions.
Even for active participants, the maximum loss you can take is $25,000 per year. That amount declines as your other income hits $100,000, and reaches zero at $150,000 in other income. At that point, any loss for the year is carried forward until such time as the property is sold in a fully taxable sale.
If you are Married Filing Separately, no loss is allowed if you lived with your spouse at any time during the year and only $12,500 maximum if you lived apart all year and met all the other conditions.
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