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Old 03-24-2018, 09:40 PM
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Rental Real Estate Loss

My question is on suspended passive activity losses from rental real estate.

The property generated a loss in 2016. However, because adjusted gross income was higher than 100K, the phase out rules kicked in and only a portion of the loss was deductible and the non-deductible portion carried forward to future years.

Assume the non deductible portion in 2016 was $3,000.

In 2017, the property once again generates a loss ($2,000 for example). Would the taxpayer be able to deduct $5,000 in 2017 because he is still entitled to deduct $25,000 each tax year (assuming non material participation and no other passive income)? If so, would -$2,000 be shown on Line 21 of Schedule E and -$5,000 shown on Line 22?

Thanks.



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