- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Should the loss carryover in rental home in California be allowed in the year of rental is sold since the all deprecation claimed has been recaptured?
I sold my rental property in 2022. In turbotax, the full amount of depreciation has been re-captured, but the loss carryover due to depreciation in 2021 is not allowed in 2022 in California tax return (but allowed in Federal tax return) when the rental home is sold in 2022. Essentially, California recaptured the $5000 depreciation that is not allowed as an actual loss in 2022, recaptured the $5000 I never actually get to use as a real loss.
Topics:
‎August 27, 2023
11:41 AM