Can I deduct real Easter TAX loss for so many years?

I have rental income. Let’s say 10k per year. I lost 100k this year buy purchasing another property. ( long story).

Can use this loss for 2019, 2020... and more? Or I can only deduct the lost in one tax year? Thank you

3 Answers

  • 6 months ago

    How exactly did you lose the $100K? If you bought a property you didn't lose $100K, you took a cash asset and turned it into a real estate asset.

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  • 6 months ago

    How did you realize $100k in losses by purchasing a property...please explain. You can only have those losses realized once you sell...but there is more to that and to this story.

    Hire a pro...please.

    • alexi6 months agoReport

      Yes after sales I lost $100k

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  • 6 months ago

    It all depends on the details of your long story.

    Net capital losses are limited to $3,000 a year and can carry over.

    Business losses would be fully deductible, and could carry over as net operating losses.

    Rental losses might be limited by passive loss rules.

    Hire a tax professional. You're not in DIY territory.

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