You bought a house with plans to renovate it, sell it and make a profit. Instead, renovation costs climbed, carrying costs added up, the real estate market changed - or all three happened at once. By the time you sold the property, your profitable house flip had become a loss. Can you deduct the loss?...Continue reading
Many rental property owners are surprised when they discover they can't deduct all of their rental losses each year. Instead, those losses are often classified as passive losses and carried forward until the IRS allows you to use them. The good news is that these deductions usually aren't lost forever. In many cases, selling your...Continue reading