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J
Jerry C
Level 4
March 23, 2023
Question

Rental Property Sale

  • March 23, 2023
  • 4 replies
  • 24 views

My client sold a rental property (Actually Gifted so received $0.00 for property and assets) which they had a loss carry forward.

The overall Net loss carry forward is not showing up on the 1040 as a loss.

 

Not sure why? 

This topic has been closed for replies.

4 replies

J
Jerry CAuthor
Level 4
March 23, 2023

Added Information, the loss did show up on the State return but not the Federal Return???

T
TaxGuyBill
Level 15
March 23, 2023

Passive losses are NOT released when giving the property as a Gift.

It should not show up on the tax return, and the carryover should be removed from the program (they increase the Basis of the property, so effectively they benefit the receiver, not the giver).

    sjrcpa
    sjrcpa
    Level 15
    March 23, 2023

    Don't forget the Gift Tax Return.

    The more I know the more I don’t know.
      J
      Jerry CAuthor
      Level 4
      March 23, 2023

      already done

      abctax55
      abctax55
      Level 15
      March 23, 2023

      The property had an NOL???? or do you mean a PAL?

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