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Level 6
March 26, 2024
Question

vaction rental losses suspending

  • March 26, 2024
  • 1 reply
  • 3 views

Been preparing this vacation rental for a number of years and the first time the losses should be suspended do to  the number of days they spent there compared to days rented but the loss for this year is not being suspended. Is there a box I am missing to be checked.

 

thx

Michele

    This topic has been closed for replies.

    1 reply

    Level 15
    March 26, 2024

    Are you SURE it isn't doing it correctly?

    It doesn't automatically mean you can't take a loss.  Mortgage interest, real estate tax and rental-only expenses (commissions, management fees, etc.) can still create a loss.

    Accountant-Man
    Level 13
    March 26, 2024

    What TGB said.

    And those losses are not passive!

    ** I'm still a champion... of the world! Even without The Lounge.