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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2314
Experience:  IRS licensed Enrolled Agent and tax instructor
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As a real estate professional, I have a loss this year of

Customer Question

as a real estate professional, I have a loss this year of 13K. If I have to use all of this loss for 2014, I will have a "taxable income" of (8,500). I would like to carryover about 7.5K of the loss for next year. Is this possible? I do not see any method as this is not passive.
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.

Hi. My name is ***** ***** I will be happy to help you.

Unfortunately you don't have a choice. If you are entitled to deduction you have to claim it. If your losses were more than your income, resulting in negative AGI, you could carry them over as NOL. But if after taking all your losses you still end up with positive AGI you cannot deffer it, even if you end up with negative taxable income (after deducting standard deduction and exemptions)

I am sorry if this is not the answer you were hoping for.

I see you offline now. So if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.

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