Are capital loss deductions included on Form 1116 for Deductions and losses?

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nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Are capital loss deductions included on Form 1116 for Deductions and losses?

Post by nelsona » Mon Mar 25, 2019 8:25 pm

No. First off, they are passive income, not general, so don't belong on your general limitation 1116.
Second, what tax would you have paid on those losses.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

speer1234
Posts: 10
Joined: Thu Mar 21, 2019 6:10 pm

Re: Are capital loss deductions included on Form 1116 for Deductions and losses?

Post by speer1234 » Tue Mar 26, 2019 3:38 am

I paid no tax on the capital loss (bitcoin sale), in fact for Canadian tax purposes im treating the capital loss as inventory (COG) as advised by a Canadian CPA. I accepted bitcoin (barter) for payment as a business. I made a loss from trading it.

The reason I asked is because Im getting a total FTC greater than my US taxed owed (and im not referring to excess which are for carryovers) and trying to troubleshoot. Ill go through all my numbers again tomorrow.

If you are interested here are my other forms: https://imgur.com/a/Of81m3N

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