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The IRS FILED a FTL federal tax lein for 90,000. They filed this lein in 2008 due to capital gains on properties that were sold after 3 months. However, the properties were sold in 2005/2006. Can I ammend the 1040 to show the losses. The houses show a gain because the sales price was $30,000 more than the purchase price. What is the max amount of losses you can show on each property? Are additions and upgrades count? We did additions and upgrades prior to selling each house and lost money. However, the IRS is not aware of these and the losses.
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