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I have a $2538.00 loss on the rental of two housesand a carryover

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loss of $52,7889 in stock...
I have a $2538.00 loss on the rental of two housesand a carryover loss of $52,7889 in stock transactions...Does this mean I cannot enter loss on line 17 ,as well as a $3000.OO loss on line 13...thanksthe loss was not a carryover   also   what is the significance of form 8582 are stock trans the passive activity referred to additonal info   stockloss was a carryover
Submitted: 7 years ago.Category: Tax
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4/2/2010
Tax Professional: Arthur Rubin, Tax Preparer replied 7 years ago
Arthur Rubin
Arthur Rubin, Tax Preparer
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At least for Federal purposes, the capital loss (what you refer to as stock transactions) and rental loss are independent, so you could separately take the $3,000 capital loss and up to $25,000 rental loss independently.

The most likely other passive gain/loss you might have is from limited partnerships.

As for the 2008 addition, you'd have to report the adjustment reason(s) given by the IRS to determine whether it's plausible or what might be done in order to claim a current or future deduction.

I should add that you must report any Federal adjustment which affects your Illinois taxes to Illinois within 6 months, or the statute of limitations on reassessment of your 2008 state taxes may be unlimited.
Arthur Rubin
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