I recently sold a rental property after 12 years and made a $20k gain between buying and selling. When depreciation claimed is added in the calculations the gain becomes $80k.
For 10 of those years my income was actually negative, and I gained no benefit from the depreciation deductions. I now find, being an individual, I cannot accumulate my income losses. Is there any way I can have the $50k in "clayton" deductions not counted as capital gains?
For 10 of those years my income was actually negative,
Then the losses should have been carried forward each year.
Is there any way I can have the $50k in "clayton" deductions not counted as capital gains?
No
Best to go to a local tax agent experienced with property.
For 10 of those years my income was actually negative,
Then the losses should have been carried forward each year.
Is there any way I can have the $50k in "clayton" deductions not counted as capital gains?
No
Best to go to a local tax agent experienced with property.
@Bruce4Tax thanks for your quick response. I have been sorely mislead by my tax agent.
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