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Financial Planning / Tax Strategies


Subject:  Re: question ... Date:  6/22/2013  2:45 PM
Author:  irasmilo Number:  118738 of 134394

If the existing mortgage was paid off with the sale proceeds, I think any possible fraud issues have been laid to rest. The only significant tax issue that I see would be a wash sale consideration if the property were bought back within 30 days. Otherwise, the sale completes the ownership history of the rental property and any suspended losses would be reported on this year's tax return. The future repurchase of the property, if it occurs, would start a new ownership period with a new depreciation schedule based on the new cost basis.

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