Question
If I have a $79,750 of unrecaptured gain and $58,605 of business loss. I have 55,000 ordinary Income as well. Is it possible to use
If I have a $79,750 of unrecaptured gain and $58,605 of business loss. I have 55,000 ordinary Income as well. Is it possible to use $58,605 to lookback for next year?
How does this business loss work?
Is it going to offset my ordinary income?
and If yes, can I still use this loss as lookback for next year as well?
Step by Step Solution
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Step: 1
In general business losses can be used to offset ordinary income in the same tax year Howe...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
