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AGtaxman
Level 2
October 4, 2021
Question

1031 exchange with passive rental loss carryforward

  • October 4, 2021
  • 4 replies
  • 34 views

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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4 replies

sjrcpa
sjrcpa
Level 15
October 5, 2021

Car?

Suspended passive losses go to the acquired property and stay suspended under the normal PAL rules.

The more I know the more I don’t know.
    George4Tacks
    George4Tacks
    Level 15
    October 5, 2021
    "I understand that the car transfers to the new rental property." = I understand that they can transfer to the new rental property.
    Answers are easy. Questions are hard!
      sjrcpa
      sjrcpa
      Level 15
      October 5, 2021

      Oh. That makes sense. I saw car, you saw a typo.

      The more I know the more I don’t know.
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