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Level 5
April 5, 2023
Solved

Last Year of rental shows a loss

  • April 5, 2023
  • 1 reply
  • 14 views

How do you take a loss in the last year of a schedule E?

This topic has been closed for replies.
Best answer by sjrcpa

Would they be able to take it if it was the last year they were renting the house?


NO. They only get to use it against other passive income or when they dispose of the house.

1 reply

Jim-from-Ohio
Intuit Community Champion
April 5, 2023

Did the property sell and you are trying to free up suspsended losses?  if so check the box for complete disposition on the schedule E Worksheet

gfpstaxesAuthor
Level 5
April 5, 2023

No, they reverted it to personal use for this year. Eventually they will rent it again, but they don't know when.

sjrcpa
Level 15
April 5, 2023

Then they can't take the loss this year. It remains as a passive loss carryover.

The more I know the more I don’t know.