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kingJ
Returning Member

Is previously unallowed losses deductible in the year you sell the rental property?

I had unallowed losses in rental property in 2014. I have the form 8582 from 2014 and worksheet 5 shows the unallowed losses. But I did not claim it in 2015 tax return or any later returns. I sold the property in 2018. Will I be able to deduct this loss in the 2018 tax return? If so where do I enter it in the TT desktop edition?

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Accepted Solutions
Anonymous
Not applicable

Is previously unallowed losses deductible in the year you sell the rental property?

you don't say what happened in 2015-2017 or whether you had more than one property during any of the years.   however, IRS rules would require you to report the loss carryforward on the 2015 return , still loss on the 2016 return, still loss on 2017 return and then still loss on 2018

then because the property is sold you would get whatever the loss carryforward is

 

so start amending with 2015 if you ever want to utilize the 2014 loss and be sure that the IRS allows it.  

 

 

View solution in original post

1 Reply
Anonymous
Not applicable

Is previously unallowed losses deductible in the year you sell the rental property?

you don't say what happened in 2015-2017 or whether you had more than one property during any of the years.   however, IRS rules would require you to report the loss carryforward on the 2015 return , still loss on the 2016 return, still loss on 2017 return and then still loss on 2018

then because the property is sold you would get whatever the loss carryforward is

 

so start amending with 2015 if you ever want to utilize the 2014 loss and be sure that the IRS allows it.  

 

 

View solution in original post

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