thomas-jaykangcp
Level 1
‎03-06-2022 11:10 AM

Taxpayer has 2 rental properties, both with passive loss carryover.  One property is sold.

That property's loss carryover will be fully deducted this year.  However, tax program is

also fully deducting the 2nd property's loss carryover.  What can I do to the program so the

2nd property's loss carryover doesn't get deducted and carries over to next year.

Thank you.

0 Cheers
Just-Lisa-Now-
Level 15
Level 15
‎03-06-2022 11:27 AM
passive losses offset passive gains, you can't save them up for later.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
rbynaker
Level 14
‎03-06-2022 11:37 AM

The sale of the first property generates passive income which then allows the losses from the second property to be released (to the extent of the passive income).

thomas-jaykangcp
Level 1
‎03-06-2022 11:55 AM

Ok, I understand.  Loss from 2nd property can be used although this property is not sold, just the

1st property is sold.  Do you think I can elect to keep the 2nd property loss intact?  To keep the

loss carryover and not use it against the 1st property gain?  

Thank you

 

0 Cheers
dascpa
Level 12
‎03-06-2022 12:08 PM

No you cannot.

Just-Lisa-Now-
Level 15
Level 15
‎03-06-2022 12:18 PM
No.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Accountant-Man
Level 13
‎03-06-2022 03:14 PM

No times 3.

** I'm still a champion... of the world! Even without The Lounge.