depreciation for deduction is limited, and no loss is carried forward

this is the first year to convert my primary home to rental house. the total rental income is $36000, expense is $ 25601. TT only allow depreciation of $36000-$25601= $10399. while in fact the depreciation is $ 13795. therefore no loss is carried forward for the next year.

it is passive loss, and I think it should be carried over.

posted

Connect with an expert

1 Reply

depreciation for deduction is limited, and no loss is carried forward

Was it converted to 100% rental, with no personal use after it was converted to a rental?

If so, enter ZERO personal days of use. And you will need to manually prorate any expenses based on the rental period.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post