This is not a political question
Regarding the extremely large loss that Trump declared in his IRS returns in earlier years. ($1 Billion?)
Just curious about the following:
- It appears that he lost his ?investment? so it appears that it is a capital loss not an income loss. If this is so, how come can it be written off against income of future years? Shouldn?t it be restricted to writing it off against future capital gains not income?
- Was he able to convert a capital loss into an income loss?
- Where (which line) and how in the IRS form 1040 did he enter this loss to offset against income?