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Old 12-29-2017, 07:58 PM
 
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Quote:
Originally Posted by Larry Siegel View Post
The loss was tiny (about $6000) and I didn't know the transfer price was above market until I went to sell it. My asking price was well above the transfer price. Of course I would have preferred to make money on it.

The deduction was limited to $3000 in any one year because of passive activity limitation.
That sounds more like a capital loss limitation, rather than a passive activity limitation. The passive loss limitation applies to the sale of rental real estate, and it isnít $3,000.

Did you rent out this property?
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Old 12-30-2017, 02:39 AM
 
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no he didn't ,which is why this became a discussion . there was no action to differentiate it from a personal property
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Old 12-30-2017, 08:46 PM
 
6,089 posts, read 2,819,346 times
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Quote:
Originally Posted by mathjak107 View Post
no he didn't ,which is why this became a discussion . there was no action to differentiate it from a personal property
So, non deductible.
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Old 12-31-2017, 02:28 AM
 
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yep ,that is my opinion .
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