Ask Your Tax Question. Tax Experts Answer You ASAP.

(Not a Tax Question?)

Rental Property Loss - Can I deduct (put in line 17 on Form 1040)?
Sent to Tax Experts April 10 11:22 PM

I have a small loss on a rental property (in line 22 Schedule E -
approx $6,000), and after
filling out Form 6198 in line 21 I still have the loss. Then it says
if it is
passive activity (which I think it is) I have to fill out form 8582.
After
filling out form 8582, I’m still not sure I can or can not deduct
this loss
(move the amount to line 17 on form 1040). Can you tell me if I
can
deduct this loss? Thanks!

Customer (name blocked for privacy)
Status:  Closed   Value: $10
Info Request
April 11 7:21 AM (7 hours and 58 minutes and 6 seconds later)
         
REPLIED to Info RequestCheck Mark

What is your adjusted gross income without deducting this loss? What is your filing status?

These questions will need to be answered before your question can have a proper response.

jon@jonacpa.com 

 

Edited by jonacpa on April 11 2005 at 7:21 AM

Helping individuals and businesses nationwide reduce taxes and increase profits through sound planning and quality service

Jon Andrews -- Certified Public Accountant (CPA) -- 100% Positive Feedback on 2627 Tax Accepts
I deal with all levels of tax planning and controversy - from the ordinary to the complex.
Reply
April 11 11:17 AM (3 hours and 56 minutes and 29 seconds later)
         
Reply to Jon Andrews's Post: Jon - My filing status is married filing jointly, and my adjusted
gross income is $184000 without the loss. Thanks!
Customer (name blocked for privacy)
Answer
April 11 11:22 AM (5 minutes and 21 seconds later)
         
ACCEPTEDCheck Mark

Unless you are a qualified real estate professional, you will not be able to deduct that loss this year due to the level of your income. It will carryforward to either offset future net income from "passive activities" or until a year when your income does not exceed $150,000.

jon@jonacpa.com 



Helping individuals and businesses nationwide reduce taxes and increase profits through sound planning and quality service

Jon Andrews -- Certified Public Accountant (CPA) -- 100% Positive Feedback on 2627 Tax Accepts
I deal with all levels of tax planning and controversy - from the ordinary to the complex.
Think you can answer this question?
Login or Become an Expert

Related Answers

 

DISCLAIMER: You acknowledge that any information you may obtain from individuals you contact through use of the Just Answer service comes from those individuals, not from Just Answer!, and that Just Answer is not in any way responsible for any of the information these third parties may supply. The site and services are provided "as is" with no warranty and no representations are made regarding the qualification of an Expert. Responses and comments on Just Answer! are for general information and are not intended to substitute for informed professional advice (such as medical, legal, investment or accounting) and do not establish a professional-client relationship. Just Answer! is not intended or designed to address EMERGENCY QUESTIONS which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service.

Just Answer! > Income Tax