passive activity loss in yr of sale

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  • DixieEA
    Member
    • Jan 2007
    • 75

    #1

    passive activity loss in yr of sale

    Taxpayer had rental home that has $125000 gain on sale. Was sold at end of 2006.
    Sch E shows loss for 2006 of $6500. Since he has a gain on sale of $125000, his AGI
    is over $150000 and rental loss not allowed. How does taxpayer use the $6500 rental
    loss on return?

    Help, DixieEA
  • Dervis
    Member
    • Feb 2007
    • 33

    #2
    Disposition

    Can you mark it as a total disposition of a passive activity? That should allow the passive loss.

    Comment

    • DixieEA
      Member
      • Jan 2007
      • 75

      #3
      Thanks

      Thanks Dervis, it was a total disposition, now I have the loss.

      DixieEA

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