Sold vacation home used for short term rentals for 20+ years. Accumulated losses were copied from Sched 1 to 1040, Line 6 reducing 2018 taxable income. Correct?
Throughout the period of ownership, expenses always exceeded rents and the accumulated losses substantially reduce my 2018 taxable income.
01841
1 Best answer
Anita01
New Member
Jun 6, 2019 12:48:50 AM
Yes, the loss is realized in the year of taxable sale of the property.
1 Replies
Anita01
New Member
Jun 6, 2019 12:48:50 AM
Yes, the loss is realized in the year of taxable sale of the property.