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Investors & landlords
assuming there was a gain on disposal, passive losses from real estate would be allowed to the extent of the gain. if the k-1 is not a real estate activity, it remains subject to its PAL rules.
example
property A sold for a taxable gain of $100,000
property A has current and suspended losses of $60,000
those are allowed in full leaving $40,000
property B has current and suspended losses of $75,000
$40,000 will be allowed and $35,000 will remain suspended (if your AGI is over $150,000 no additional special allowance for real estate activities with active participation)
look at form 8582
yuo provided no numbers and we have no access to your return.
‎November 7, 2024
10:11 PM