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-   -   Deduct all loss due to passive limit (https://www.askmehelpdesk.com/showthread.php?t=353362)

  • May 13, 2009, 11:06 AM
    bingtax
    Deduct all loss due to passive limit
    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?
  • May 14, 2009, 07:58 AM
    bingtax

    Hmm, still no answer to my question? What happened to you, atlanta tax expert? I saw you answered other questions in minutes.
  • May 14, 2009, 08:59 AM
    AtlantaTaxExpert
    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.

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