I'm anticipating selling the house for around 15,000 less than purchase price (bought in early 2007). I'm hoping to sell the house within the next year, so I'm not sure if previous passive losses (around $20,000) will still carry over and apply upon the sale of the house. On that note, should/can I claim this years losses as passive?
You'll need to sign in or create an account to connect with an expert.
Yes, your passive losses will come into play in the sale.
Any
disallowed rental loss is carried forward to the next year along with all
previous years' disallowed losses. Those can be applied to any subsequent
passive income from that rental and are completely released for deduction upon
sale of the property.
Yes, your passive losses will come into play in the sale.
Any
disallowed rental loss is carried forward to the next year along with all
previous years' disallowed losses. Those can be applied to any subsequent
passive income from that rental and are completely released for deduction upon
sale of the property.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Ashleej828
New Member
rogernsd
New Member
dmwessner
New Member
obeteta
New Member
NeUnhappy
New Member
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.