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May 22, 2024
Question

Real estate

  • May 22, 2024
  • 1 reply
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When I retire and can become a RE professional with 4 rental properties, will my back year losses also become deductable from my income?

1 reply

lockerman
May 22, 2024

That would depend on how may years back those losses go.  As a real estate professional you can deduct losses against other income.  I assume your past losses are classified as NOLs ( that is net operating loss carryovers).  You are able to use those losses up to 80% of other income