Are capital loss deductions included on Form 1116 for Deductions and losses?
Moderator: Mark T Serbinski CA CPA
Are capital loss deductions included on Form 1116 for Deductions and losses?
Please see included pics: https://i.imgur.com/MubLrDy.jpg and https://i.imgur.com/DW3jc8a.jpg
Re: Are capital loss deductions included on Form 1116 for Deductions and losses?
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.
Second, what tax would you have paid on those losses.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Are capital loss deductions included on Form 1116 for Deductions and losses?
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
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