I lost a real estate rental in the Houston Hurricane a couple of years ago. It ended up being about a $100,000 loss when all said and done. Now it is a long term loss on my taxes I can't seem to use, because the rental property is gone. Can I convert it to schedule D to start taking a little of it each year? We no longer have the property, and no longer have any rentals? I'm perplexed as to what my options are if any... Please help..
Proseries. It just seems like I should be able to take these losses somehow. It was a rental property, but I had no choice in loosing it. The hurricane wiped it out. The insurance didn't cover it all, and then I had to sell it as is, because I had no money to fix it. The FEMA money went to the mortgage loan on the rental.
I want to move it to schedule D and take the $3,000 a year income deduction. At least I get something. Can I do this, since I no longer have rental property at all? And since the hurricane took my rental property away?