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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?

jjmiddaugh
Level 1
 
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Just-Lisa-Now-
Level 15
Level 15

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♥¸¸.•*¨*•♫♪

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2 Comments 2
Just-Lisa-Now-
Level 15
Level 15

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♥¸¸.•*¨*•♫♪
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sjrcpa
Level 15

Yes depreciation reduces the basis.

The more I know, the more I don't know.
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