sale of rental property

Forum|Forum|4 years ago
March 6, 2022
6 replies
24 views

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.

ProSeries Basic

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

passive losses offset passive gains, you can't save them up for later.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

rbynaker

Level 13

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).

T

thomas-jaykangcpAuthor

Level 2

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

dascpa

Level 11

No you cannot.

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