Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-11-2012, 08:34 AM
Junior Member
 
Join Date: Apr 2012
Posts: 1
Rental income losses

Is there a limit on the number of years you can claim a loss on Schedule E on a rental property?

Thanks

Steve



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
  #2 (permalink)  
Old 04-13-2012, 04:46 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,231
“Is there a limit on the number of years you can claim a loss on Schedule E on a rental property?”----> If the taxpayer meets the criteria for active participation in real estate rentals, it would be considered a business loss and could be carried back. If not, it's a suspended passive loss. And if he qualifies as a real estate professional and materially participates, any amount of loss could be carried back. If you choose to waive the two-year carryback period, then carry the NOL forward to the first year after the NOL year.If the NOL is not used up in the first year after the NOL year, continue carrying it forward up to a maximum of 20 years. If after the 20-year maximum the NOL is not used up, the remaining NOL amount is lost. When you carryback an NOL it is used to reduce income in the carryback year. Consequently, you must recalculate your tax liability for that year based on the revised amount of taxable income. Use Form 1045 to recompute the tax for the carryback year. Bear in mind, certain deductions that you may have taken that are limited by adjusted gross income (AGI) may be affected as well. For example, the medical expense deduction (7 1/2% floor) and miscellaneous itemized deductions (2% floor).



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
  #3 (permalink)  
Old 07-02-2012, 02:39 AM
Junior Member
 
Join Date: Jul 2012
Posts: 2
Homeowners Underwater

Regardless of signs of recovery in some ways, the deluge of underwater home loans is still a plague upon the housing industry. Millions of individuals are dutifully paying off loans for more than their home is worth, as more than 30 percent of the nation's homes are imagined to be underwater. To get help paying your mortgage this month, get a payday loan. Buying your own home is such a great fulfillment especially if you have been saving for it for quite some time. You should just look for a great broker and you should also make sure that all your investments for that new house will be worth it.



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


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

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
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
Deducting losses on a Rental Home mattgetty Rental Real-Estate 0 01-24-2009 05:28 PM
Maximum Losses allowed for rental losses? Kathy Rental Real-Estate 4 07-30-2007 04:11 PM
Offset Capital Losses with Rental Income yhanalla Capital Gains 1 01-26-2007 11:31 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