Real Estate loss deduction - business Self employed real estate agent- business income from transaction commissions, rentals, and property purchase resales. Bought investment home in 2007 and rented it out for last 6 years, sold it in 2013 for a $42,000 loss. Thought it would deduct off my schedule C income since it is part of my business activity and reduce my self employment tax among other benefits. Tax software is subtracting loss from my married joint filed income on front page of 1040. Is that correct or am I not entering it properly? Thanks, first time taking a loss on a sale so new to me. |