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Financial Planning / Tax Strategies
|Subject: Re: Loss on rental house||Date: 11/24/2012 7:38 PM|
|Author: RBMunkin||Number: 116964 of 122846|
We sold it for less than what we paid for it plus improvements. Funny, Turbo Tax didn't ask about FMV at time of conversion to rental. I'll look at it again.
I think I know what you are saying and will have to re-look at it. In essence, what you seem to be saying is that from 1999 to May 2010, any reduction in value due to the real estate market is NOT deductible because it wasn't a rental for those years.
So I take the FMV in May 2010, add improvements, subtract sales price and that will give me my gain/loss. Do I have that right?
Of course deciding on FMV can be tricky.
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