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Still having trouble deducting my current (15,000) and prior
still having trouble deducting my current (15,000) and prior year (4,000) unallowable losses from a passive activity (rental property) that I disposed of in 2017 through an installment sale. I receive… read more
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My wife and I sold two rental properties in May and
My wife and I sold two rental properties in May and September 2018. Both properties were sold for a capital gain and we have the recaptured depreciation figures for both. My question this time has to … read more
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I sold two rental properties this year, and the suspended
I sold two rental properties this year, and the suspended passive activity losses are more than what my regular earnings will be (retirement pension annuity). I read that any suspended activity losses… read more
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I purchased a stock on December 31, 2014, which I sold for a
I purchased a stock on December 31, 2014, which I sold for a long term capital loss on July 12 2016. I never reported it on my tax return for 2016 or 2017.Can I still claim this long term capital loss… read more
Lev
Lev
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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
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We have passive losses to carry over from 2016 and back,
We have passive losses to carry over from 2016 and back, unallowed from rental. We are now real estate professionals. We have met the requirements and will file as a real estate professional. What hap… read more
PDtax
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I have question regarding MTM election and capital loss
Hi, I have question regarding MTM election and capital loss carry over … read more
Matthew Breecher
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For tax year 2015, I had a foreclosure on rental property
For tax year 2015, I had a foreclosure on rental property with a loss of $120,546 that I reported on form 4797. I received a 2016 1099-C of $220,000 of Cancellation of Debt Income for the same propert… read more
Lane
Lane
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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
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A taxpayer has unallowed losses of 50k from a limited
A taxpayer has unallowed losses of 50k from a limited partnership as of 12/31/15. The partnership assets (real estate) are sold in 2016 & the taxpayer receives a Final K-1 with 40k of Unrecaptured Sec… read more
Stephen G.
Stephen G.
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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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Parents transferred rental real estate to an irrevocable trust. The purpose was to protect the asset for medicaid purposes. At this point the 5 year lookback has been satisfied. … read more
Lev
Lev
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I have two rental properties, both with prior years unallowed
I have two rental properties, both with prior years unallowed losses. My MAGI is $152K. In 2015, one rental property had net income. Even though the 8582 worksheets indicate all the losses are unallow… read more
Robin D.
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If I have a loss from the sale of a partnership interest,
If I have a loss from the sale of a partnership interest, this is capital in nature, correct? If I have carryover losses from that partnership, those are net operating losses (assuming that they are f… read more
Lev
Lev
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I know that if you have business loss or rental real estate
I know that if you have business loss or rental real estate loss in previous year, you can deduct the amount if you have enough income the following year, so you can pay less tax compared to without a… read more
Jax Tax
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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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Hi, I have $2800 income for 2008, $13,000 in capital losses
Hi, I have $2800 income for 2008, $13,000 in capital losses and $61,000 in passive losses. I went through all the worksheets and my passive loss limitation is $25,000 (the maximum.) But I obviously do… read more
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