Clyons
Level 1
10-04-2021
04:06 PM
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My client did a 1031 exchange in 2020 with a rental that had a passive rental loss carryforward. I understand that the car transfers to the new rental property. Do the amounts need to be manually input in new asset? If so, what happens to the carryforward amounts in relinquished property?
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George4Tacks
Level 15
10-04-2021
08:08 PM
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"I understand that the car transfers to the new rental property." = I understand that they can transfer to the new rental property.
Here's wishing you many Happy Returns
Here's wishing you many Happy Returns
taxkat1040
Level 1
03-25-2022
06:23 PM
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How do you get the suspended losses to carryover to the new property? If I follow the directions on the 8824, my old exchanged rental still shows up with that suspended loss.