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bingtax
May 13, 2009, 11:06 AM
I am converting my rental property to primary resident by moving in it. I have accumulated quite some amount of loss which I can't deduct during rental years because of passive activity limitation. Can I deduct all those loss when convert it to primary resident? Or do I have to wait I actually sell the house to claim all those loss?

bingtax
May 14, 2009, 07:58 AM
Hmm, still no answer to my question? What happened to you, atlanta tax expert? I saw you answered other questions in minutes.

AtlantaTaxExpert
May 14, 2009, 08:59 AM
Bingtax:

Despite what you may think, I am NOT at your beck and call.

I did not know the answer for sure off-hand. I believe you have to wait until you sell the property, but I wanted to research the issue before answering.

Since you seem to be in such a hurry, you can do the research yourself. Try IRS Pub 925, which can be downloaded from Internal Revenue Service (http://www.irs.gov).