Rental loss
Taxpayer's MAGI=160,000. Vacation rental was 60 days personal use 21 days (more than 10% and more than 14 days. I agree that this is a NPA as the program indicates. Program is taking deduction in excess of income though.
1
2267
cHuEyWApWqllvkab8P4pmk
mgreenecpa
Questions asked: 5
Questions answered: 1
Points earned: 4
Questions answered: 1
Points earned: 4
Certified ProAdvisor
Certified ProAdvisors have successfully completed an extensive and rigorous QuickBooks certification program.
03/23/09 6:17am PDT
Viewed by asker 04/05/09 7:25am PDT
Viewed by asker 04/05/09 7:25am PDT
2 Replies
Accountant Man
Questions asked: 132
Questions answered: 10671
Points earned: 29410
Questions answered: 10671
Points earned: 29410
Accountant Community AllStar
Advisory council of Accountant community power users.
03/23/09 6:26am PDT
Best Answer - Chosen by the Community
A vacation home limitation allows the deduction of the allocated mortgage interest and real estate taxes in excess of income, so there can be a loss AT THAT POINT, even if there is a loss. The allocated other expenses will be deferred.
If you have a VH loss as above, it is not considered to be passive.
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
ArchieLeach
Questions asked: 356
Questions answered: 9032
Points earned: 11119
Questions answered: 9032
Points earned: 11119
Accountant Community AllStar
Advisory council of Accountant community power users.
03/23/09 7:25am PDT
Latest post
.
Morons. I've got MORONS on my team. Nobody is going to rob us going DOWN the mountain. We have got no MONEY going DOWN the mountain. When we HAVE GOT the money, goin' back UP the mountain, THEN you can sweat.
