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Level 1
December 7, 2019
Solved

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?

  • December 7, 2019
  • 2 replies
  • 10 views
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Best answer by Just-Lisa-Now-

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

2 replies

Just-Lisa-Now-
Intuit Community Champion
December 7, 2019

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♥¸¸.•*¨*•♫♪
sjrcpa
Level 15
December 7, 2019

Yes depreciation reduces the basis.

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