Question
Can I arbitrarily choose to carryover rental property loss to next year?
Imagine I have two rental properties:
Property A: Net profit = $10000
Property B: Net loss = -$2000
This is all my income, so regardless of this loss, my income is less than the standard deduction of $13,850, and I am not benefiting from reporting this loss this year. I'd better keep the loss to report it next year with a potentially higher income. Is that a choice that I can make? If yes, how will it be shown on Schedule E.
Property A: Net profit = $10000
Property B: Net loss = -$2000
This is all my income, so regardless of this loss, my income is less than the standard deduction of $13,850, and I am not benefiting from reporting this loss this year. I'd better keep the loss to report it next year with a potentially higher income. Is that a choice that I can make? If yes, how will it be shown on Schedule E.
