Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-02-2014, 03:15 PM
Junior Member
 
Join Date: Mar 2014
Posts: 3
Prior Unallowed Losses/converted To Vac Home

Prior Unallowed Losses/converted To Vac Home
PLEASE DISREGARD PREV POST RE:THIS MATTER -- UNABLE TO EDIT
Hi,
I have a rental property which was acquired through a 1031 exchange many years ago and which was rented out up until 7-1-13 at which time it was CONVERTED to a vacation home (2nd home) on the same date. It will be used exclusively by my wife and I as a vacation home and not rented out. The property has over 50k in prior year unallowed losses. 2013 Schedule E for the period 1-1-13 through 6-30-13 has a net loss of approx 18k. My questions:
*can I use the prior year unallowed losses of 7k to add to the 2013 18k to bring the total to the max 25k deduction against personal income (there are no limitations or phase-outs for us in 2013)
*what happens to the balance of the unallowed losses? can they be taken in the next few years while the property is in private use status?
*are there any other unforeseen tax consequences to the above described scenario
Thanks you very much for any help or advice.
Hank



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Prior Unallowed Losses/converted To Vac Home Hank Miscellaneous 0 03-02-2014 02:43 PM
Converted rental to primary home mytaxes2013 Rental Real-Estate 1 02-18-2014 02:45 AM
Rental property converted to second home bukaspop Itemized Deductions 1 02-16-2014 10:23 AM
Capital Losses of Home Converted into Rental Property garllh Rental Real-Estate 4 07-20-2011 01:29 PM
Can Suspended Losses from Rental Property converted to Personal Residence be released upon sale of another rental property? mountainaire Rental Real-Estate 1 04-05-2011 03:59 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.