Can I carry forward the rental property loss? up to how much can i deduct the loss and how many year can i carry forward. thanks
2007-08-20 12:37:11 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If your losses are limited by the passive activity loss limitations you can carry the excess forward to future years. I don't believe that there is a limit on how much you can carry forward or how long you can carry if forward for.
2007-08-20 13:38:31 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
The losses are part of your calculation for a net operating loss carry forward from one year to another. If your adjusted gross income is negative or close to it you might have a loss to carry forward. There are limits but they are years in the future. Get professional help, the carry forward is a complicated calculation.
2007-08-20 17:59:28 · answer #2 · answered by dcholsted 2 · 0⤊ 0⤋
I do not believe you can do this. I have rentals and have had some losses, but never had the option to carry them forward. It's on a year by year basis. Your accountant can probably tell you more...
2007-08-20 12:45:08 · answer #3 · answered by the_dragyness 6 · 0⤊ 5⤋