I surrendered my rental house thru chapter 13 on Oct. 2011. It foreclosed on Feb. 2013. I had some previous carry-over from last year's tax

Asked by Mrg515, New York, NY Wed Mar 6, 2013

return but received no more income from it, can I still claim the property for 2012?

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Mrg515, Home Buyer, New York, NY
Wed Mar 6, 2013
Thanks for replies!! I will make an appointment soon with a CPA!!
1 vote
Karen Mcknig…, Agent, Kirkland, WA
Thu Mar 7, 2013
Hi Mrg515,

It is very likely you can carry forward you losses on your rental business. You need to meet with your CPA, or a CPA that understands the business of real estate. If you need a recommendation, I can give you one, if you contact me directly.

Warm Regards,
Karen
Web Reference:  http://www.karenmcknight.com
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Mar 6, 2013
Mrg,
Please speak to an accountant. Even though your question pertains to real estate, we are not trained or licensed to give advice on the subject. Chances are with your BK and foreclosure, you may have lots of tax events to consider, so a good accountant will be worthwhile.
0 votes
Jason Hershey, Agent, Duvall, WA
Wed Mar 6, 2013
Double-check with your accountant, but I believe your passive loss carryovers are something you keep until you can use them, even if you later get rid of the property. Not sure about being able to claim expenses related to the property for 2012 (like depreciation) since your surrendered it in October. Only a tax person could really answer your question. I use an Deidre Roberts of Roberts & Co. (http://www.robertsandcocpas.com/about-us). She understands the tax implications of investment real estate.
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