Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Author: sandflint Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121565  
Subject: Rental Property Unallowed Loss Date: 10/15/2006 4:18 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Hi,

I have a rental SFR property in CA. If I have a carryover of unallowed losses and when I sell the property, what happens to the carried over losses? Do you know how this is treated for Fed and CA?

Thanks
Print the post Back To Top
Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 89119 of 121565
Subject: Re: Rental Property Unallowed Loss Date: 10/15/2006 9:38 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
I have a rental SFR property in CA. If I have a carryover of unallowed losses and when I sell the property, what happens to the carried over losses? Do you know how this is treated for Fed and CA?

All of the suspended losses are claimed in the year you dispose of the property -- for both federal and CA.

Ira


Print the post Back To Top
Author: sandflint Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 89125 of 121565
Subject: Re: Rental Property Unallowed Loss Date: 10/15/2006 3:31 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Thanks for the reply Ira. Do you know which publication I can go to find this info?



Print the post Back To Top
Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 89126 of 121565
Subject: Re: Rental Property Unallowed Loss Date: 10/15/2006 4:21 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Information on rental properties can be found in IRS Pub. 527, Residential Rental Property. www.irs.gov/pub/irs-pdf/p527.pdf. Information on passive loss rules can be found in IRS Pub. 925, Passive Activity and At-Risk Rules, www.irs.gov/pub/irs-pdf/p925.pdf.

Ira

Print the post Back To Top
UnThreaded | Threaded | Whole Thread (4) | Ignore Thread Prev Thread | Next Thread
Advertisement