Douglas B. asked
I'm a real estate professional. I sold a rental property at a loss of $50,000 three years ago, which was offset against my income. My income was $170,000, so my taxable income was $100,000. If I sell another rental home this year for a gain of $70,000, my income is $180,000 and other deductibles total $30,000, what is my taxable income? Is it $220,000 ($70,000 + $180,000 - $30,000) or do I have to add back the $50,000 loss from three years ago?
September 2nd, 2023
Keith R. answered
Your taxable income would be calculated as follows: 1. Start with your gross income, which is $180,0...
September 2nd, 2023
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