If I have a $79,750 of unrecaptured gain and $58,605 of business loss. I have 55,000 ordinary

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If I have a $79,750 of unrecaptured gain and $58,605 of business loss. I have 55,000 ordinary Income as well. Is it possible to use $58,605 to lookback for next year?

How does this business loss work?

Is it going to offset my ordinary income?

and If yes, can I still use this loss as lookback for next year as well?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Posted Date: Feb 07, 2024 04:21 AM

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If I have a $79,750 of unrecaptured gain and $58,605 of business loss. I have 55,000 ordinary

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Expert Answer:

In general business losses can be used to offset ordinary income in the same tax year Howe... View the full answer

Income Tax Fundamentals 2013

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