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I have a question about form 8582. I have 3 rental

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I have a question about form 8582. I have 3 rental activities that i actively participate in, all with prior years unallowed passive losses. I sold one of these properties in 2017 at a gain - but the form 8582 looks like it allows me to deduct all prior year losses (from all 3 rental properties) against the gain of the one property i sold. In reading the instructions for form 8582 it looks like I can only allocated prior passive losses for only the property that was sold - so that prior year losses for the other properties would still carry over. Is this right?

Accountant's Assistant: Which tax year is the deduction for?

2017

Accountant's Assistant: Anything else you want the Accountant to know before I connect you?

No ma'm

Submitted: 4 months ago.Category: Tax
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Answered in 23 hours by:
4/14/2018
Tax Professional: Barbara, Enrolled Agent replied 4 months ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,645
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Your interpretation of the instructions is correct.

The suspended passive loss from the sold property can be applied to the gain from the sale.

Suspended passive losses on your other properties cannot be used until you dispose of those properties.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Tax Professional: Barbara, Enrolled Agent replied 4 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to assist you.

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