Technical topics regarding tax preparation.
5-Aug-2021 2:16pm
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Hi Pros,
Hope all is well!
Assume that I have two rental properties and both of them has passive loss carryover. If I sell one of the property, I know it's own passive loss can be realized. But can I realize the other rental property's passive loss as well?
Thanks!
5-Aug-2021 2:35pm
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If the only reason the loss has been suspended is because of a lack of passive income, then the current year passive income will be offset by current and prior year passive losses.
This is in contrast to a publicly traded partnership, for example.
~Captcook
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