What are accumulated unallowed losses? Accumulated for how long? Since the rental unit was placed in service?
For the first several years I was renting the house I spent more on improvements than I collected in rent. I filed taxes and received a tax benefit because of these losses.
I presume that these losses were "allowed" losses. Is that a reasonable presumption?
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HI, I REPLY IN CAPS. BEST, LARRY
What are accumulated unallowed losses? Accumulated for how long? Since the rental unit was placed in service?
THESE ARE ALL THE LOSSES THAT YOU WEREN'T ABLE TO TAKE IN THE PAST SINCE THE UNIT WAS PLACED IN SERVICE.
For the first several years I was renting the house I spent more on improvements than I collected in rent. I filed taxes and received a tax benefit because of these losses.
I presume that these losses were "allowed" losses. Is that a reasonable presumption?
YOUR MOST RECENT TAX RETURN SHOULD LIST YOUR REAL ESTATE PROPERTY, ITS CURRENT BASIS, AND THE LOSS CARRY FORWARD SHOWING UNUSED LOSSSES. CHECK WITH YOUR ACCOUNTANT ON THIS.