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Question

Form 8995

Forum|Forum|3 years ago
April 4, 2023
1 reply
0 views

I had a rental LLC in the past. I decided to no longer rent part of my primary residence. I had a loss carry forward on Form 8995 last year. Can I recover any of this loss? Are there any other forms I should file in discontinuing the business?

Rental Property

You can only deduct the suspended losses from passive income in future years, or until you dispose of the property you were renting in a fully-taxable transaction. You don't need to report the discontinuance of the rental activity by filing any paperwork, assuming you were reporting the rental income and expenses on your personal tax return on schedule E.

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Poorlandlord5Author

Thanks for the reply. This is very helpful.