Question
If I sell an asset aka investment property, can I write losses off on my salary?
It sounds too good 2 b true. A. Selling it less for what I paid 4 it. B.Prep costs 4 the sale ie.Real estate comission, lawyer, termite inspection, transfer tax. C. Previous years unused losses D. the cost of it during 2009 as well as osme stuff from when I closed on the house origionally? This would off set my entire salry just about. I dont think it works this way but my accountant says yes...Am I getting my hopes up too high here?
2 months ago - 1 answers
Best Answer
Chosen by Asker
your passive income losses will now be recovered when you sell and the costs of sale are also included in the sale you do have to recapture depreciation taken since 1997 which will decrease your loss you will be completing a 4797 on this sale and brought forward to your Sch D which will more than likely offset any other income you have was this purchased as an investment? the costs of purchase should have been part of the basis on which depreciation was based
by tro
2 months ago
Asker's Rating: 