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Old 03-22-2011, 05:16 PM
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Carryover passive losses

I have passive losses From rental property that can be carried over to this year. My itemized deductions are more than these losses.is there anyway I can not report these losses this year and claim next year ?



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Old 03-23-2011, 09:56 PM
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“My itemized deductions are more than these losses.is there anyway I can not report these losses this year and claim next year ?”--->It depends; you can claim your passive losses next year UNLESS you have passive income this year; as long as you have passive income this year, you can't claim your passive losses next year. Rentals are considered "passive income," and you can only offset your passive losses with your passive gains. In other words, you may not even be able to use the loss.



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