Kids inherited parents home and have been renting it 3 years hoping for a better sale price. The rental showed small losses each year and was sold in 2012, also at a loss. There is also a vacation home in the estate which has been for sale but has not yet sold.
I think the rental losses carry over until the estate closes. I think the loss on sale of the rental home also carries over until the estate closes (when the vacation home is sold). Sound right? Thanks.
I think the rental losses carry over until the estate closes. I think the loss on sale of the rental home also carries over until the estate closes (when the vacation home is sold). Sound right? Thanks.
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