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Question. I have 4 rental properties. My carry over losses
Hello. Question. I have 4 rental properties. My carry over losses total for the 4 is about 120k. My income over the limit to deduct annually. I sold one of the rentals in 2021. I sold for 687k, paid 3… read more
Lev
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If I've maxed out my 401K bucket of $64500 or whatever it
Hi. If I've maxed out my 401K bucket of $64500 or whatever it is, can I still contribute after tax money of 7K to an IRA and back door a Roth IRA … read more
emc011075
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I have a client with 3 rental properties. Has other W-2
I have a client with 3 rental properties. Has other W-2 income of about $350K. He made about 45K in improvements on rental houses. Should he take the depreciation on the improvements or just let the i… read more
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Aggregating Rental Property for Sale 1. Single Retired
Aggregating Rental Property for Sale1. Single Retired Taxpayer has 4 rental properties - never aggregated. 2. Other income is SS and a pension that totals $ 52,000 3. Rental loss has been capped at $ … read more
Roxanne625
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I sold a residential rental in 2017 and have been showing a
I sold a residential rental in 2017 and have been showing a loss on schedule E every year since 2010--mainly due to depreciation. Am I allowed to show the total of the losses for 7 years as passive lo… read more
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I have a taxpayer new to me for 2016. They are heavily
I have a taxpayer new to me for 2016. They are heavily involved with real estate - Taxpayer is a realtor, owns a real estate agency, owns a property management company and has rental property - commer… read more
taxmanrog
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In 2014 I sold a rental property. The property was vacant
In 2014 I sold a rental property. The property was vacant for 6 months, there were property taxes paid and the selling commissions were $60,000.00. In total, there were deductions exceeding the income… read more
Lev
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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
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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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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.
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I have a family partnership (LLC). Two parents are managing
I have a family partnership (LLC). Two parents are managing members (5% each) and the two kids are other members (45% each). The LLC owns 10 rental real estate properties. All members have sizable pas… read more
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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
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This is the foreclosed rental in a recourse state (Florida).
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How are current passive gains applied to old passive loss carryover
How are current passive gains applied to old passive loss carryover after first being allocated to the passive loss carry over of the sold asset that gave rise to the current passive gain.… read more
Robin D.
Robin D.
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I bought a rental property in 2001 for 79k. It turned out
I bought a rental property in 2001 for 79k. It turned out to be a bad investment. Each yr but the 1st we had major repairs and bad tenants. For the last 4-5 yrs we have had passive losses on the prope… read more
Lev
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I sold a rental property back in 2006. I have passive losses
I sold a rental property back in 2006. I have passive losses carried over from 2004 & 2005 to the tune of about 40K (AGI to high to get deductions in 04/05). Using Turbo Tax and the losses do not tran… read more
Ed Johnson
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Iam a resident in New Jersey and own rental property in Massachusettes.
I'am a resident in New Jersey and own rental property in Massachusettes. I plan on selling the property and have passlve loss carryovers. I realize passive losses can be utilized at the year of the sa… read more
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I have an investment property that I need to sell in order ...
I have an investment property that I need to sell in order to purchase a new home. I am going through a divorce and moving my primary residence to this new home. The new home will need to be significa… read more
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