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can I carry forward 1099B losses of $50k (from 2021) brokerage to offset gain on sale of rental property in 2022

can I carry forward 1099B losses of $50k (from 2021) brokerage to offset gain on sale of rental property in 2022. The gain from the rental property was $270k

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GeorgeM777
Expert Alumni

can I carry forward 1099B losses of $50k (from 2021) brokerage to offset gain on sale of rental property in 2022

All of your capital loss of $47,000 can be used to offset your capital gain from the sale of your rental property.  To the extent you have any capital loss amount remaining, that remaining capital loss can be used to offset up to $3,000 of ordinary income (up to $1,500 if you are filing MFS).  Any remaining capital losses can carryover to tax year 2023.  

 

@optca50   

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3 Replies

can I carry forward 1099B losses of $50k (from 2021) brokerage to offset gain on sale of rental property in 2022

we can't see your 2021 return but likely $3K of that $50K was used in 2021 to offset other income. so only $47K remains. if you used Turbotax last year when you start 2022 and transfer (not import) the 2021 data it will pick up the correct carryforward which can be used to offset capital gains in 2022. if you have not filed 2021 you need to do so.  

can I carry forward 1099B losses of $50k (from 2021) brokerage to offset gain on sale of rental property in 2022

What is the maximum I can offset on the gain from sale of business? Is it $3,000 or is it up to $47k?

GeorgeM777
Expert Alumni

can I carry forward 1099B losses of $50k (from 2021) brokerage to offset gain on sale of rental property in 2022

All of your capital loss of $47,000 can be used to offset your capital gain from the sale of your rental property.  To the extent you have any capital loss amount remaining, that remaining capital loss can be used to offset up to $3,000 of ordinary income (up to $1,500 if you are filing MFS).  Any remaining capital losses can carryover to tax year 2023.  

 

@optca50   

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