My TT accountant is telling me I can't deduct 1256 contract losses and 1099B losses (both passive losses) from 1099div and 1099int (also passive income) gain. They're saying I can only deduct 3000 cap which is against active income cap NOT passive
How come? Passive losses can be deducted from passive gains. I'm ending up with significant tax burden and huge carryover. I just want to deduct that phantom passive income from my passive losses.
Thank you