scclark9

[scclark9]

What is the name of your state (only U.S. law)? fl

hi,
I had a 1231 loss in 2004 of $1948. How do I claim it? I haven't had any gains but I did have depreciation recapture for 2007(I suppose it was 2007- I was audited in 2009 for 2007 and the agent recaptured depreciation and listed it under ordinary income) Could I have used this $1948 to offset the ordinary income. If not, do I hold onto it until have 1231 gain.

Thanks

 

[davew128]

I'm going to be blunt. You obviously don't know what these things are, and you shouldn't have represented yourself in an audit. That said, I don't see anything wrong with the agent's finding.

 

[tranquility]

It was either davew128 or tecate who turned me on to Wikipedia for tax issues, but for a quick explanation, see:

1231 property - Wikipedia, the free encyclopedia