Loss on Sale of Rental - Are there limits to loss deductions I have a condo I have been renting for 2 years. I lived in it prior to renting it out. I am thinking about selling the unit and when I do, I will most likely have to sell it at a loss of about $60K. Will I be able to deduct the entire loss of $60K? I have never deducted depreciation on the unit. I am also wondering how do you determine the tax basis for a given property? Any help would be greatly appreciated. Thanks. |