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Suspended passive loss of a rental property converted to primary residence to offset another rental
- Property A was rented with $X suspended passive loss, and then converted to primary residence
- Can I use $X passive loss from property A to offset the gain from Rental Property B even if property A is currently not a rental anymore?
- If yes, how can I report it in tax return (Schedule E) since property A is not a rental property anymore?
- How do I keep the passive loss $X record in tax returns during the years when property A is not a rental?
Thanks!
March 16, 2024
4:12 PM