@melisvik wrote:
I also owned a rental property last year, abroad in Finland, which we converted from our personal residence to a rental when we moved to the USA in Jan 2018.
I sold that apartment in June 2019 at a loss of $26,000.
Before anybody should answer your actual question, we need to check if you actually have a deductible loss or not. When calculating the loss for a property that was converted to rental use, your starting point is the LOWER of (1) your Adjusted Basis when converted to rental use (usually purchase price plus cost of improvements, minus any prior depreciation, such as from a Home Office) or (2) the Fair Market Value when it was converted to rental use.
In other words, was there a loss of that amount based on the time period of January 2018 to June 2019?
That same calculation is what you should have been using for depreciation.
So again, before anybody gets to your actual question, do you actually have a loss?
