Level 2

Long term real estate loss on schedule E

Forum|Forum|6 years ago
March 18, 2020
1 reply
2 views

I lost a real estate rental in the Houston Hurricane a couple of years ago. It ended up being about a $100,000 loss when all said and done. Now it is a long term loss on my taxes I can't seem to use, because the rental property is gone. Can I convert it to schedule D to start taking a little of it each year? We no longer have the property, and no longer have any rentals? I'm perplexed as to what my options are if any... Please help..

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abctax55

Level 15

What professional software are you using?

HumanKind... Be Both

T

TazAuthor

Level 2

Proseries. It just seems like I should be able to take these losses somehow. It was a rental property, but I had no choice in loosing it. The hurricane wiped it out. The insurance didn't cover it all, and then I had to sell it as is, because I had no money to fix it. The FEMA money went to the mortgage loan on the rental.

I want to move it to schedule D and take the $3,000 a year income deduction. At least I get something. Can I do this, since I no longer have rental property at all? And since the hurricane took my rental property away?

abctax55

Level 15

All excellent questions for your professional tax preparer.

HumanKind... Be Both

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