Rental Property Sale

Technical topics regarding tax preparation.
#1
clc0723  
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40
Joined:
13-Jul-2015 7:29am
Location:
Washington DC
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!
 

#2
Posts:
6102
Joined:
22-Apr-2014 3:06pm
Location:
WA State
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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