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padrespatti
New Member

Converted when to personal use the first day of 2017. Have passive losses accumulated. Can those be taken now or must I sell the property before they can be.

I lived in my home for 5 years, converted it to a rental for 5 years but could not take passive losses due to my income level.  I retired last year and my income dropped, but I also moved back into the rental the first day of 2017.  I have $37K in accrued passive loss carryover.   Can I take any of that loss now or must I wait until I sell the home?

1 Reply
Critter
Level 15

Converted when to personal use the first day of 2017. Have passive losses accumulated. Can those be taken now or must I sell the property before they can be.

You must wait until you sell the home.

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