I am having a CPA file the 3115 form. If the expenses associated with the rental property are greater than the income received in the year the 3115 form is filed what happens? Can the additional income be added to expenses for 2024?
For example:
Rental property
INcome $18,000
Deductions (Taxes, Insurance, Maintenance and repair) $6,000
Depreciation $13,000
IN this hypothetical case I would have $1,000 negative value for income for the property for 2023. Property rented Nov 2017
