Califirnia real estate professional passive losses - Spidell

Califirnia real estate professional passive losses

Log in to Post

Message Board Califirnia real estate professional passive losses

Viewing 2 reply threads
  • Author
    Posts
    • #268270
      David Ellis
      Participant

      Could use some clarification on deducting rental losses on Calif return.

      Calif views all rental losses as passive…..and there is no real estate professionals exception. However,  I see indications that if Modified Adjusted Gross Income is low enough…..Calif will allow rental loss deduction for real estate professional.  Any insight would be appreciated.

    • #268389
      Lynn Freer
      Participant

      yes if the federal AGI is low enough the t/p will get a passive loss deduction for CA purposes. Your software should do this if you check the t/p as a real estate professional

    • #268966
      David Ellis
      Participant

      Thanks Lynn!  I think  what  did the  trick  is that  he  had  a  1231 loss  on the sale  of  one  rental, and that  also  released the  passive losses  on  this  rental.

       

Viewing 2 reply threads