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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 29796
Experience:  Taxes, Immigration, Labor Relations
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In 2005, bought 2 beach properties; each had a trailer that

Customer Question

In 2005, bought 2 beach properties; each had a trailer that were permanent (no wheels) with renters on each... After about a year or so we the trailers were really bad and the renters left so we cleared the land with the intention of having them developed or re-sell.
That was 2007 and the market went you know where and we were stuck with the properties which we couldn't sell without losing half or no one would develop.. That continued until 2015 and we were able to sell at around 30,000 loss from original purchase plus the deferred interest.. My question is how how much are we allowed to take as a capital loss in 2015 and forward.......
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


You can use your loss first against other gains. Then you can claim $3000 against ordinary income. The remaining will be carried forward and applied in the same way (first against gains then ordinary income $3000) each year till you use it all up.

If you have no other gains then you can use the $3000 but that is all.

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Expert:  Robin D. replied 1 year ago.

Checking back to see if you responded

Expert:  Lev replied 1 year ago.

Please verify if you still need any help.