Discussion:Can Anyone Explain (Passive Losses)?
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 23:26, 14 October 2009 Death&Taxes (Talk | contribs) (Yes, you are rig) ← Previous diff |
Revision as of 00:56, 15 October 2009 Southparkcpa (Talk | contribs) (Agreed, I use pr) Next diff → |
||
| Line 9: | Line 9: | ||
| {{ForumReplyPost|UserID=Death&Taxes|Date=14 October 2009|Text=Yes, you are right. Do a Form 8582 by hand, with the backup worksheets and I believe you will see this in action. Seems amazing that 20+ years have gone by and Reg. 1.469-6 has never been issued. A passive gain unlocks unused losses to the extent of that gain.}} | {{ForumReplyPost|UserID=Death&Taxes|Date=14 October 2009|Text=Yes, you are right. Do a Form 8582 by hand, with the backup worksheets and I believe you will see this in action. Seems amazing that 20+ years have gone by and Reg. 1.469-6 has never been issued. A passive gain unlocks unused losses to the extent of that gain.}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Southparkcpa|Date=15 October 2009|Text=Agreed, I use proseries and "sort of blew" a projecion in this area 469. | ||
| + | |||
| + | Client collected 100K of rent and I projected a liability of 20K. | ||
| + | |||
| + | The tax was ZERO because of D and T's observation, it freed up losses on several other passive entities. | ||
| + | |||
| + | I failed to consider this when we filed his extension. | ||
| + | |||
| + | He was happy to get a refund, understood HOW and WHY I over estimated. But a surprise none the less.}} | ||
Revision as of 00:56, 15 October 2009
Discussion Forum Index --> Basic Tax Questions --> Can Anyone Explain (Passive Losses)?
Discussion Forum Index --> Tax Questions --> Can Anyone Explain (Passive Losses)?
| 14 October 2009 | |
| If you have say 10 residential rental properties each with passive loss carryovers of 10,000 dollars and you sell one of the rentals for say a profit of 100,000 dollars... do all of the 100,000 in carryover losses get used up by the gain on the sale of just one of the properties. Or would only the losses that apply to that particular unit be used?
I believe all losses would be used up but really am unclear on this. | |
Death&Taxes (talk|edits) said: | 14 October 2009 |
| Yes, you are right. Do a Form 8582 by hand, with the backup worksheets and I believe you will see this in action. Seems amazing that 20+ years have gone by and Reg. 1.469-6 has never been issued. A passive gain unlocks unused losses to the extent of that gain. | |
Southparkcpa (talk|edits) said: | 15 October 2009 |
| Agreed, I use proseries and "sort of blew" a projecion in this area 469.
Client collected 100K of rent and I projected a liability of 20K. The tax was ZERO because of D and T's observation, it freed up losses on several other passive entities. I failed to consider this when we filed his extension. He was happy to get a refund, understood HOW and WHY I over estimated. But a surprise none the less. | |
