My regular income i owe 0 taxes I am over 65 but i have a 2nd house that i started to rent this year it took in 5,676 but do to vandal and age it cost 8,800

[renteq]

did not up grade the house just fixed did not count my labor after home office and other expenses i loss 4,329 above what i collected  my taxable income was o after deductions.

[MichaelL1]

not sure what your question is?

[renteq]

can i carry over the loss of 4,329 to next year

[MichaelL1 · Accepted solution]

Read over what I have put below.  It is a somewhat complicated area of the tax law, however, follow what I wrote below. The answer is Yes if you have a Net Operating Loss it can be carried over to 2018 if you do what is listed below. 

Generally, a Net Operating Loss would be a negative amount on line 41 of Form 1040,  IRS publication 536 https://www.irs.gov/forms-pubs/about-publication-536

 Net Operating Loss (NOLs) for Individuals, Estates, and Trusts.

Then you have to carry the loss back three years or make an election not to carry it back. 

Below are some examples that may pertain to your situation. Just insert the correct year(s) and amount(s).

• Taxpayer incurred a net operating loss in (Year), and did not elect to carryback, resulting in the current, carryforward amount of $ XXX.

OR simply

• Net operating loss carryforward from (Year).

Then it can be carried forward.