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How can I defer the allowed rental property loss from this year to next when I am selling the property and will be in a higher tax bracket?
I have accumulated carry over property losses from prior years and additional (mostly from depreciation) losses for this year. TurboTax allows a substantial amount of these losses to be used in 2018. However, I am going to sell the property this year (2019) with a profit that will put me in higher tax bracket. I would like to defer all losses (or at least part of the losses) allowed in 2018 to the next year. How can i do it?
Thank you in advance.
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‎June 3, 2019
10:57 AM