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PAL Carryforward for Recently Real Estate Professionals
Hi,
Planning to transition into a Real Estate Professional (as defined by IRS) from non-material participation but have lots of Passive Activity Losses (PAL) from my previous years of rental properties on Schedule E. Wondering based on passive activity rules if I can start deducting the PAL carried forward against my income after I become a Real Estate Professional.
Edit: NOL->PAL for future searchability
‎August 5, 2021
12:15 AM