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For the sale of a rental property is there a program or
for the sale of a rental property is there a program or spreadsheet to track the basis in rental properties and are disallowed losses from passive rental properties added to the basis of the property … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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I have unallowed losses as computed on my 2016 form 8582 for
I have unallowed losses as computed on my 2016 form 8582 for a house that I converted to my personal residence in August of 2016. Is this deductible in 2017 and beyond? … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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I sold a rental property in 2017. There was an accumulated
I sold a rental property in 2017. There was an accumulated passive loss of $38,850. Should this $38,850 be on line 19 of Form 6251? On TurboTax it was there. On HR Block line 19 of Form 6251 is 0. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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I have a question regarding filing a 1040X for 2015. It's a
Hello. I have a question regarding filing a 1040X for 2015. … read more
Brian Michels
Brian Michels
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Bachelors of Business Administration
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I have $2000 of carry forwarded taxes from 3 years previous.
I have $2000 of carry forwarded taxes from 3 years previous. I havn't had any tax liability to use that carry forward. How long can I continue to carry it forward and what do I need to do this year to… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,388 satisfied customers
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
Rick Martin
Rick Martin
MBA
184 satisfied customers
My wife and I have had a rental property for 7 years (single
My wife and I have had a rental property for 7 years (single family home we rented.) We sold the property in June of 2016. I have passive losses for each year of the rental. The interest, taxes, insur… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
For 2015 I have a loss on form 8582, line 4, which includes
For 2015 I have a loss on form 8582, line 4, which includes a prior year loss. I file as an individual joint filing. My AGI for 2015 was $164,000. I sold the rental property for a small gain in 2015, … read more
Stephen G.
Stephen G.
Sr Income Tax Expert
Bachelor's Degree
7,537 satisfied customers
Is it true that in the year I sell a rental property I do
Is it true that in the year I sell a rental property I do not need to fil form 8582 because I can claim previous losses? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
4,994 satisfied customers
My wife and I own a rental proprty directly, which we
My wife and I own a rental proprty directly, which we manage, and which had a profit last year. We bought another rental property last year in an LLC, with both of us as partners, which we manage as w… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
My name is ***** *****. I actively participate in a
My name is ***** *****. I actively participate in a commercial real estate property that I own with my husband. We have a large loss this year from both the passive real estate income and from my sole… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,388 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
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.
Sr Income Tax Expert
Bachelor's Degree
7,537 satisfied customers
Client sold LLC property in 2012 and dissolved the LLC entity.
Client sold LLC property in 2012 and dissolved the LLC entity. The 2012 8582 shows $56k of total losses. $25k of losses were allowed, and the remaining $31k are on worksheet 7d under unused/unallowed … read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
30,022 satisfied customers
I have passive rental properties that I lose money on every
I have passive rental properties that I lose money on every year. I make more than $150,000 so I know I can't get any tax benefit this year, I just continue to roll the losses forward. But, when I ret… read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
I need the opinion of an IRS enrolled agent (EA) on how the
I need the opinion of an IRS enrolled agent (EA) on how the $25,000 special allowance for rental property passive activity losses are handled in retirmement. My wife and I retired earlier this year an… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
Bachelor's Degree
8,388 satisfied customers
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
I am a full time real estate investor and own several rental
I am a full time real estate investor and own several rental properties. Due to depreciation and expensing of repairs and maintenance, I have had tax losses for several years even though my cash flow … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
30,512 satisfied customers
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