For my client, there was a short sale rental house situation. A 1099-C with all the computations for Qualified Rental Property with Form 4797 and Form 982 produced. The property short sold on or about 2/25/09. There is some left over passive activity loss, so I am wondering if the loss balance carried over from previous year is available this current tax year (2009) or does a taxpayer lose it in the year of sale?
Would appreciate some thoughts about this.
rfk
Would appreciate some thoughts about this.
rfk