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In 2005, bought 2 beach properties; each had a trailer that…

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In 2005, bought 2 beach...
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: 2 years ago.Category: Tax
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3/1/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,363
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

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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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

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Tax Professional: Lev, Tax Advisor replied 2 years ago
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