Announcement

Collapse
No announcement yet.

sale of rental land

Collapse
X
Collapse
 
  • Page of 1
  • Filter
  • Time
  • Show
Clear All
new posts
Previous template Next
    #1

    sale of rental land

    A client who sold his rental land to his nephew for a little loss, do you go to 4797 part 1 and claim the loss. He inhereted the land from his parent 5 years ago and had been renting out the land to his nephew. In 2021 he sold the land to his nephew for a loss.
    Tags: None
    #2
    26 U.S. Code ? 267 may come into play so please check that. You can't deduct losses for sale between related parties.
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

    Comment

    Previous template Next

    Disclaimer

    Collapse

    This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

    Working...
    X