I am also curious how this gets reported on my state returns (I live in MA, but the house was in VT). Thank you!
You'll need to sign in or create an account to connect with an expert.
Yes, the passive losses for 2017 would be applied to the gain from selling the rental property, along with any other carryover passive losses you were not able to deduct earlier.
Here's some info about selling property at a loss:
https://turbotax.intuit.com/tax-tips/rental-property/selling-rental-real-estate-at-a-loss/L2RKgClm4
As far as MA is concerned, from looking at the MA Dept of Revenue site, it is handled in much the same way as in the Federal Return.
You should see the amounts flow through from the Federal portion to the MA return.
Here's a link to the MA DOR you may find helpful:
https://www.mass.gov/service-details/learn-about-capitalordinary-gains-and-losses
Yes, the passive losses for 2017 would be applied to the gain from selling the rental property, along with any other carryover passive losses you were not able to deduct earlier.
Here's some info about selling property at a loss:
https://turbotax.intuit.com/tax-tips/rental-property/selling-rental-real-estate-at-a-loss/L2RKgClm4
As far as MA is concerned, from looking at the MA Dept of Revenue site, it is handled in much the same way as in the Federal Return.
You should see the amounts flow through from the Federal portion to the MA return.
Here's a link to the MA DOR you may find helpful:
https://www.mass.gov/service-details/learn-about-capitalordinary-gains-and-losses
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Ash94
New Member
taxquestion222
Returning Member
rmul32
New Member
pottermelanie12
New Member
laurence-beaver-
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.