Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Does deprec on resid rental prop reduce basis on sale of prop if always had losses that exceeded depr exp & never been able to use losses because of income?

Highlighted
Level 1
 
Labels (1)
0 Cheers
1 Solution

Accepted Solutions
Highlighted
Level 15
Level 15

If you check Box H on the Sch E worksheet when you sell the rental, it should release the losses that have been suspended.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

0 Cheers
2 Replies 2
Highlighted
Level 15
Level 15

If you check Box H on the Sch E worksheet when you sell the rental, it should release the losses that have been suspended.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post

0 Cheers
Highlighted
Level 15

Yes depreciation reduces the basis.


ex-AllStar
0 Cheers