turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Attend our Ask the Experts event about Tax Law Changes & Forms (2024) on Mar 19! >> RSVP NOW!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Acwk
New Member

Captial loss is same numbers as last year except it's a positive number

We've had a loss every year we owned a rental condo.  In 2023 the capital loss carryover was -21,202.

In 2024, we sold the condo.  I was not expecting a negative loss, but the loss is the same numbers as last year except a positive 21,202.

 

Seems like there's something wrong?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Captial loss is same numbers as last year except it's a positive number

that 21K loss is not a capital loss but a passive loss that for 2023 should have shown up on form 8582.

 

the sale of that property can create a capital loss or gain depending on the sales price, selling costs and adjusted tax basis.  When that property is sold that passive loss is generally freed up.

The adjusted tax basis is the original cost of the property and the cost of subsequent improvements reduced by depreciation allowed or allowable. 

 

we can't see your return and that leaves many possibilities. 

 

 

Acwk
New Member

Captial loss is same numbers as last year except it's a positive number

Thanks.

 

You don't think it's strange that the numbers are the same except for the -/+

 

2023 is   -21,202

 

2024 is positive   21,202

DianeW777
Employee Tax Expert

Captial loss is same numbers as last year except it's a positive number

It depends. The loss is allowed in full in the year of sale of the condo. It would be a positive expense on your Schedule E and you will also see it on Form 8582. 

 

You have access to all forms when you choose to print your return in TurboTax Online/Mobile.  However you are required to pay before printing, but do not have to file until you are ready.

If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.

 

@Acwk

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question