JIMMYP

In other words.....Selling rental real estate at a gain is a Capital gain. If rental RE is sold at a loss, is it a Capital Loss, or an Ordinary loss?

Hi All... I have a client who sold a rental house at a big loss. From reading above, I got rid of my PAL adjustment, but now see that the loss is going straight to the 1040 as "Other gains and losses" on Line 14. I was thinking at least part of the (176,244) loss would wind up as NOL, since he paid no tax before the loss, and didn't need this loss on his 1040! Or at least, it would be a capital loss carryover! Comments? thanks

Thanks, Ms Tabby

So the Transit check entry in box 14 is only informational? Not deductible?

Trying to find out how to handle "Transit Check" in box 14 of a client's W-2. It was on a W-2 from Long Island, NY.