Important Service Announcement: Based on user feedback we are not shutting down the TaxAlmanac.org website however the site is now an archived version as of June 2014. While all of the existing discussion threads and commentary will be preserved you will no longer be able to edit content, post to forums or create additional logins.

Discussion:Taxable disposition of rental property

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

Jump to: navigation, search

Discussion Forum Index --> Basic Tax Questions --> Taxable disposition of rental property


Discussion Forum Index --> Tax Questions --> Taxable disposition of rental property

Kellyf (talk|edits) said:

10 April 2010
My client purchased a home in May 2008 which was originally intended for personal use. They decided to use it as a rental property instead and never occupied the property. The home was vacant for several months, then rented from Dec 2008 until June 2009. They sold the property in August 2009 at a loss of $80k. Since this was a fully taxable disposition, are they allowed to take the entire loss on the sale (Form 4797) as well as the rental loss of 24K (schedule E).

Harry Boscoe (talk|edits) said:

10 April 2010
Yes, that's allowed. Until somebody starts with the "it's more an investment than it is a rental and there's court cases that require bifurcation on facts similar to these."

Those other threads are incorporated here by reference.

To join in on this discussion, you must first log in.
Retrieved from "http://www.taxalmanac.org/index.php/Discussion:Taxable_disposition_of_rental_property"
Personal tools