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Unfortunately, Passive Activity Losses from rental activities are carried forward to future returns and are not eligible to be carried back to a prior tax year. These losses can be applied to any
subsequent passive income from rental properties and are completely released
for deduction when you sell the property.
Net Operating Losses (NOL) are different, as they arise from an AGI less than zero. NOLs must be carried back two years, then carried forward for up to 20 years.
Unfortunately, Passive Activity Losses from rental activities are carried forward to future returns and are not eligible to be carried back to a prior tax year. These losses can be applied to any
subsequent passive income from rental properties and are completely released
for deduction when you sell the property.
Net Operating Losses (NOL) are different, as they arise from an AGI less than zero. NOLs must be carried back two years, then carried forward for up to 20 years.
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