I know this line is for income , but if i had a loss on rental property is this the correct place to report that loss?
i used shedule E and got an over all loss. I did have income of $10000 however.
how does this work?
2007-12-23 15:03:55 · 5 answers · asked by viajero_intergalactico 6 in Business & Finance ➔ Taxes ➔ United States
Sure. I did it for decades. Nice tax write-off and a positive cash flow to boot!
2007-12-23 16:36:54 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 1⤋
Yes, you can have a negative number there. As stated before, it is a nice deduction to have, a business and/or rental loss. It sounds too good to be true, but it is one of those rare really good things that is true. Even though you may have income, due to depreiciation and other expenses, the IRS says that you had a loss.
Just be prepared to pay capital gains when you sell the propoerty.
2007-12-23 16:49:53 · answer #2 · answered by j-man 4 · 0⤊ 0⤋
net loss is ok here. I did it for a while, no big deal. wasn't audited either.
2007-12-23 15:32:12 · answer #3 · answered by Spock (rhp) 7 · 1⤊ 0⤋
Yes.
2007-12-23 15:13:49 · answer #4 · answered by Anonymous · 3⤊ 0⤋
there is another form for losses, go to irs.gov and look for it...you have to do the worksheets, you can;t just put it in a random line. your return will be flagged.
2007-12-23 17:22:28 · answer #5 · answered by Anonymous · 0⤊ 2⤋