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Posted by Benjamin Yazersky CPA on March 7, 2007, 5:08 am
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> Two years ago, while owning a single-family residence
> (Property A), I purchased a property which I intended to use
> as a rental (Property B). I incurred extensive repair
> bills, but due to the $25,000 passive loss limitations, so
> far I've been able to deduct only 2/3 of those repair
> expenses.
>
> Last year, due to my employment situation, I decided to move
> into Property B and make it my primary residence. I also
> converted Property A into a rental.
>
> Since I would not be able to deduct any Property B carryover
> repair expenses -- Property B no longer qualifies as a
> rental -- would it be possible to deduct these carryover
> expenses under Property A?
I think the PAL only get released when you sell the
property.
___________________________________
<<< Benjamin Yazersky, CPA [NJ & NY] >>>
-----> real address on hobokeni or hobokenx <-----
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