surprising
Recycles dryer sheets
- Joined
- Feb 7, 2023
- Messages
- 200
I am currently repairing and renovating a rental property that is vacant after over a decade with a single renter. There is a lot of repair and improvements. I understand improvements need to follow a depreciation schedule, but I also will have quite a significant amount of repair expenses (painting entire interior, new stove, plumbing issues). I anticipate over $10K of repair and I will have a significant rental loss because of it. I am trying to understand how that works for rentals.
I have other rentals that will have gains. Can the loss of one rental be offset by gains from other rentals, like capital gains/losses for stock?
If I have a net loss, is there a maximum amount of losses I can claim like the capital loss of $3000 for stocks? Am I able to carry any remaining forward to future years like stocks?
I have other rentals that will have gains. Can the loss of one rental be offset by gains from other rentals, like capital gains/losses for stock?
If I have a net loss, is there a maximum amount of losses I can claim like the capital loss of $3000 for stocks? Am I able to carry any remaining forward to future years like stocks?