I had a loss on my rental real estate on the year I sold the property.
Will this passive loss carryover to the tax return for the next year?
You'll need to sign in or create an account to connect with an expert.
No. Suspended passive losses are released in the tax year the underlying property is sold to an unrelated third party in a taxable transaction.
No. Suspended passive losses are released in the tax year the underlying property is sold to an unrelated third party in a taxable transaction.
What if it was a partial gift/partial sale to a related party?
Losses are not allowed until the related party disposes of the property in a taxable transaction.
Your unallowed loss is gifted to the relative and is used in their basis calculation and can only be taken on their return when that property is sold.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
embedded_guy
Level 3
lesmir302
Returning Member
lllbby
Level 2
Cfoteh
New Member
nirbhee
Level 3
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.