How can I save tax on my losses?
2007-03-16 06:50:30 · 4 answers · asked by Guggu 1 in Business & Finance ➔ Taxes ➔ United States
Unless you actively participated in the rental activity, your losses wont be deducted unless you have other passive income to offset them.
2007-03-16 07:48:24 · answer #1 · answered by tma 6 · 0⤊ 0⤋
I'd be a little curious as to how you could have that big a loss in one year on a rental home. I'd guess the IRS might be curious too.
2007-03-16 10:58:41 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
unless you are quite wealthy, it's virtually impossible to have a 60,000 loss on anything and be here to talk about it. Check your figures again, and remember that you can't depreciate residential rental property over 3 years.
2007-03-16 08:55:49 · answer #3 · answered by Anonymous · 1⤊ 1⤋
60k loss. What are you doing here??
60K, see you in auditland.
2007-03-16 09:16:36 · answer #4 · answered by Barry auh2o 7 · 1⤊ 1⤋