Sale Loss
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Sale Loss (by Brad in PA [PA]) Apr 16, 2018 8:47 AM
       Sale Loss (by NE [PA]) Apr 16, 2018 9:08 AM
       Sale Loss (by Brad in Pa [PA]) Apr 16, 2018 11:59 AM
       Sale Loss (by NE [PA]) Apr 16, 2018 12:13 PM
       Sale Loss (by fred [CA]) Apr 16, 2018 4:19 PM
       Sale Loss (by Robert J [CA]) Apr 16, 2018 9:35 PM
       Sale Loss (by Brad in PA [PA]) Apr 16, 2018 9:41 PM
       Sale Loss (by C INVESTOR [NC]) Apr 17, 2018 9:27 AM

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Sale Loss (by Brad in PA [PA]) Posted on: Apr 16, 2018 8:47 AM
Message:

State Specific Question About: PENNSYLVANIA (PA)

Have you sold a property in PA? Does PA allow you to use carryover losses to offset the sale of a property? Does PA allow you to pull losses from another property to offset gains on the sale of a property? --68.84.xx.xxx




Sale Loss (by NE [PA]) Posted on: Apr 16, 2018 9:08 AM
Message:

I'm not sure about the state of Pa itself. How are your houses titled? All within an LLC?

An example: I had a profit of a house sale in an LLC in the 2nd qtr of 17 and my expenses on other properties within the same LLC washed out the capital gains on the property I sold for a profit.

It all should whittle down to a line item on your tax returns. I would imagine the same goes if you own them all individually too

--50.107.xxx.xxx




Sale Loss (by Brad in Pa [PA]) Posted on: Apr 16, 2018 11:59 AM
Message:

To clarify: All are individually owned (not LLC) and I am referring to carryover or suspended loss being used, not 2017 loss. I agree it all ends up as 1 line on the PA return. --68.84.xx.xxx




Sale Loss (by NE [PA]) Posted on: Apr 16, 2018 12:13 PM
Message:

That question is a little bit more in depth than my day to day tax information needs. Very well may be specific to your situation. I would call a qualified accountant. --174.201.xx.xxx




Sale Loss (by fred [CA]) Posted on: Apr 16, 2018 4:19 PM
Message:

Yep, call a RE accountant. --99.59.x.xxx




Sale Loss (by Robert J [CA]) Posted on: Apr 16, 2018 9:35 PM
Message:

The "SALE" of a property that leaves you with a "LOSS" is one special case that effects only that property. There are Federal and State Tax laws on Short term or Long term sale of real estate.

But what you should be asking is if one property has an Income Loss and Another Property has Profit, can one offset the other. YES! Again there are limits and rules. That is why when I'm making just too much money from my rentals, I then choose to fix up a building to reduce my Positive Rental Income because of these "fix-up" expenses. Again their are limits and types. You need to read up on this and consult with a Tax expert. --47.156.xx.xx




Sale Loss (by Brad in PA [PA]) Posted on: Apr 16, 2018 9:41 PM
Message:

I am comfortable with my everyday run the business tax knowledge. The sale is different in the states rules differ from Fed. So from what I can tell PA does not allow the loss(es) to offset the gain on the sale. --68.84.xx.xxx




Sale Loss (by C INVESTOR [NC]) Posted on: Apr 17, 2018 9:27 AM
Message:

Suspended and carryover are both allowed by the Fed's so I can't imagine the state not following their lead. CPA time. --71.75.xx.xx



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