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Loss on rental property. 1. Elderly married couple (second
Loss on rental property.1. Elderly married couple (second marriage) keeps all finances separate and all assets at death goes to children not spouse. 2. One spouse has a piece of rental property with a… read more
emc011075
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Question for Lane JD,CFP: followup to suspended losses. Last
question for Lane JD,CFP: followup to suspended losses. Last the owner of a rental held in an LLC had 30,262 in losses from the rental. His wages were 10,000 only. The accountant on the 1040 deducted … read more
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question for Lane JD,CFP, : question about suspended losses from a single member LLC. If an owner of a rental property has zero income but has a loss shown on the schedule E, from a rental property of… read more
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Or ONLY please: OK for decades I have reported my rental
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If a taxpayer is filing MFS, can he claim passive rental
If a taxpayer is filing MFS, can he claim passive rental real estate with active participation? Can he claim the rental loss?… read more
PDtax
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I have a client who has had loss carryforwards from Schedule
I have a client who has had loss carryforwards from Schedule E for the past 4 years. This past year she did not rent her home. What happens to those loss carryforwards. Do I stop calculating Depreciat… read more
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If I had a primary residence that was turned into a rental
If I had a primary residence that was turned into a rental property and then turned back into a primary residence for the past 3 years and I sold I,t can I claim the suspended loss that was incurred w… read more
Mark D
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I bought a 2 family rental in 2013 ,I have personally taken
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Robin D.
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I have a commercial building that I rent. The way I understand
I have a commercial building that I rent. The way I understand what I read, that is considered passive income or loss. That is my only source of passive income. I have shown a loss with that building.… read more
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When you own two rental properties in an S Corp and you sell
When you own two rental properties in an S Corp and you sell one does that release the suspended passive activy losses for that property or do you have to sell both properties and terminate the S Corp… read more
USTaxAdvising
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Are expense, interest and depreciation deductions transferable?
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I converted a primary residence to an investment property in
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We have a rental property and are losing money each month because
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I own a Condotel in florida. It is worth now about 50 percent
I own a Condotel in florida. It is worth now about 50 percent less than I bought it for. I have been renting it out for 5 years in order to earn some money to help pay the mortgage. Always in the red … read more
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I understand that if I actively participate in a rental activity,
I understand that if I actively participate in a rental activity, I can deduct up to $25k in passive losses from my active income. The trouble is, my active income is more than $150k, above which you … read more
RD
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We sold a personal residence in 2008 (bought in 2004, lived
We sold a personal residence in 2008 (bought in 2004, lived in for 3 years, moved out summer of 2007, then rented for 7.5 months). Turbotax is treating this as sale of a business asset (we took a loss… read more
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wife is full time in the real estate business can we
wife is full time in the real estate business can we deduct out of pocket losses for real estate taxes and mortgage int on a joint return against my w2 earned income also depreciation please respond… read more
Lev
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we bought a condo as a second home...our son may stay in it
we bought a condo as a second home...our son may stay in it occasionally as his office is nearby ...we do have a small mortgage on our main home residence.....question is...can we deduct the mortgage … read more
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