rental property investment loss Hello, I have 3 business/jobs
one is a regular w-2 employee
one is a small catering business
one is a rental property (paper loss is about 2K a year)
I make less than 100K all together
I tried last year to expand my rental property business by adding another home. The plan was to fix it up and convert it into two units. The selling bank had some problems and the deal didn't go through after a great deal of work on my end. All in all, I lost about 6K on the whole deal. Is there a way to write any of this loss off? I don't think its a capital loss and I am not sure how this can be framed as a passive activity loss. any help, thanks! |