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Limit suspended losses to property being sold when owning multiple properties

Ironjoe
Level 1

Is it possible to limit suspended losses to the property being sold in year of sale?    Lacerte grabs all suspended losses and applies to the gain on property sold.

 

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3 Comments 3
TaxGuyBill
Level 15

No, it is not an option to choose to suspend the losses if they are allowed to be used.

The suspended passive losses are applied to passive income.  When the house was sold, you now have passive income. 

George4Tacks
Level 15

If the property sold is a complete disposition and creates large passive income, then it is offset by ALL other passive losses available. 

Get them passive losses while they are hot!

I think the short answer is NO.


Answers are easy. Questions are hard!
Ironjoe
Level 1

thank you!

appreciate the support.

 

Joseph