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A single member LLC which was formed to rent residential
Barbara, A single member LLC which was formed to rent residential properties sells one of the properties in 2017. The LLC has unallowed losses per Part 1 of its 2016 Form 8582. Are the portion of the … read more
Barbara
Barbara
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I sold a rental property last year. I'm looking for my
I sold a rental property last year. I'm looking for my numbers but ultimately, I have worked out the tax basis, the commissions and fees for selling, the gross sales price and recaptured depreciation.… read more
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Rick Martin
MBA
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I have a rental property, which is the only passive income I
I have a rental property, which is the only passive income I have. I am filling Schedule E to declare income and claim expenses on the property. The result is a (loss). Do I need to fill form 6198 or … read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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Taxpayer purchased a single family home about 5 years ago to
Taxpayer purchased a single family home about 5 years ago to fix up and rent. He rented it every year until 2015 when he decided to sell it. He sold it in September, without having any rental income a… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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In taking the prior year unallowed loss, when I have sold
In taking the prior year unallowed loss, when I have sold the property (4797), where is that noted in sched E? … read more
Jonathan Tierney
Jonathan Tierney
MBA
295 satisfied customers
, Sorry, my english is not that good, I'm living in
Sorry, my english is not that good, I'm living in Germany. I sold a rental Property in Florida and have a propbem with form 8582 and the unallowed losses from prior years … read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
On what IRS form(s) do I report my passive carryover loss on
On what IRS form(s) do I report my passive carryover loss on a rental property sold this year? Thanks.… read more
Anne
Anne
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If you sell 100% of an interest in a passive activity (rental
If you sell 100% of an interest in a passive activity (rental property) and realize a capital gain of 110,000 and you have passive activity unallowed losses of 140,000 from previous years which you ca… read more
Lev
Lev
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Bachelor's Degree Equivalent
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, hoping someone can help with a question concerning the
Hi, hoping someone can help with a question concerning the sale of a residential condo unit that had become a rental property during the last 2 out of 5 years of ownership. During the preceding 3 out … read more
R. Klein, EA
R. Klein, EA
Tax Advisor
Master's Degree
3,104 satisfied customers
I have capital loss carry over, can I deduct it from the
I have capital loss carry over, can I deduct it from the current capital gain from the sale of my rental condo? If so, what form or schedule should I use to reflect the net gain or loss?… read more
Stephen G.
Stephen G.
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Bachelor's Degree
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I did not take depreciation for the years I rented an apartment,
I did not take depreciation for the years I rented an apartment, and I have sold the apartment. Can I do amended tax returns for those years and increase my passive loss carryforwards and deduct this … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Let me ask a further question regarding my sale of a condo.
Let me ask a further question regarding my sale of a condo. The instructions for 8582 say that full credit for unallowed costs from previous years can be taken at the time of sale in preparing my tax.… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
27,826 satisfied customers
I sold a rental property and have not been able to take the
I sold a rental property and have not been able to take the full depreciation deduction due to income limits. I have a net loss of 47,366 (unallowed depreciation). Where do I record this loss? My unde… read more
Jacy
Jacy
Bachelor's Degree
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LIMITED PASSIVE LOSSES ON RENTAL ACTIVITIES OVER THE YEARS.
LIMITED PASSIVE LOSSES ON RENTAL ACTIVITIES OVER THE YEARS. HOW CAN TAXPAYER RECOVER THOSE LOSSES AT TIME OF DISPOSITION OF SAID RENTAL PROPERTY?… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
we are in the highest tax bracket-----if we sell a rental unit
we are in the highest tax bracket-----if we sell a rental unit and have huge suspended passive losses on it, we can deduct the losses against self-employment income....however, what if we sell when we… read more
Anne
Anne
Master Tax Preparer
2,361 satisfied customers
I sold one of my rental properties at a gain and and continue
I sold one of my rental properties at a gain and and continue to rent the others. I have filled out the 4797, increased the gain by the depreciation, etc. and know that I will pay 25% on the recapture… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
I sold a rental property but I want to minimize my tax liability.
I sold a rental property but I want to minimize my tax liability. From all of my rental activity I have previous years unallowed losses can I use the gains from the sale to recapture the losses (eat u… read more
Lou
Lou
High School or GED
272 satisfied customers
I have a full time job earning about 80K and have 11 single
I have a full time job earning about 80K and have 11 single family homes (side investments). As impressive as it may sound, I actually had losses from these properties due to maintenance and repairs. … read more
Arthur Rubin
Arthur Rubin
Doctoral Degree
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