JulieS
Expert Alumni

Get your taxes done using TurboTax

When you can deduct your losses depends on your overall income and whether or not you still own the property at the end of the year. 

 

One thing I can make clear is that your 2019 losses carry forward to your 2020 return. On the 2020 return, the 2019 losses and your current losses are combined to determine the amount that carries forward to 2021

 

So you are only dealing with the prior years losses, but that loss may be partially due to losses form earlier years. 

 

Over time, the amount of unallowed / suspended losses grows. In the year you sell the property, all of your unallowed / suspended losses can be deducted. That can help offset your gain on the sale of the property. 

 

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