We have carryover passive activity loss on a rental property of $150k, and over $240k on CA state taxes. We have had this property as a rental since 2004 I don't want to sell this property, but I want to buy another rental property and hold for two years. If I sell the second property, can I claim the entire carryover loss from the first property in the year we sell? Are there any limits on the amount you can claim? We are in the 33% tax bracket and AMT.
You'll need to sign in or create an account to connect with an expert.
If I sell the second property, can I claim the entire carryover loss from the first property in the year we sell?
No you cannot.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
j-ong
Level 4
markforry
Level 2
SRob888
Returning Member
Jon Seagull
Level 2
Wallenowen1
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.