NOL carryover multiple years - what form(s)?
We are non-residental foreigners who have a rental property owned through an LLC. This is the only business we have in the US, all other income is made in our home country. The startup year incurred lots of costs, and due to high depreciations (5 digits each year), it is unlikely that we will ever have any income.
When selling the property however, the value will probably be well above the taxable asset value, due to the high depreciations we are forced to take. We do not wish to pay Capital Gains Taxes on what isn't actually a real capital gain.
So how do we manage to get the NOLs to carryover for all the years we will keep the property?
On form 1065? On Schedule K-1? On form 1040NR (non-resident)?
If we don't roll this over, we will eventually have a property that is hardly worth anything according to IRS, and even if we then sell it for exactly the same price that we bought it for, we would have to pay a lot in CG taxes.
I wish we didn't have to take the depreciations (this is often optional in other countries), but the value will be set lower no matter if we claim them each year or not, so our only option is to use NOL carryovers.
I hope someone can help me.