gfpstaxes
Level 4
04-05-2023
09:44 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
How do you take a loss in the last year of a schedule E?
Best Answer Click here
Labels
Jim-from-Ohio
Level 11
04-05-2023
09:51 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Did the property sell and you are trying to free up suspsended losses? if so check the box for complete disposition on the schedule E Worksheet
gfpstaxes
Level 4
04-05-2023
11:19 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No, they reverted it to personal use for this year. Eventually they will rent it again, but they don't know when.
gfpstaxes
Level 4
04-05-2023
01:46 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Would they be able to take it if it was the last year they were renting the house?
sjrcpa
Level 15
04-05-2023
01:59 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
NO. They only get to use it against other passive income or when they dispose of the house.
Ex-AllStar
gfpstaxes
Level 4
04-05-2023
03:54 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Can it be carried forward as a disallowed loss so they can use it if they sell the house?
gfpstaxes
Level 4
04-05-2023
04:30 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
That's on the 8582?