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26 U.S.C. § 469 (relating to limitations on deductions for passive activity losses and limitations on passive activity credits) removed many tax shelters, especially for real estate investments. This contributed to the end of the real estate boom of the early-to-mid 1980s, which in turn was the primary cause of the U.S. savings and loan crisis .
Capital loss carryover – Any capital loss carryover to the taxable year of the discharge; Basis reduction – The basis of the property of the taxpayer; Passive activity loss and credit carryovers – Any passive activity loss or credit carryover under 26 U.S.C. §469(b) from the taxable year of the discharge
Passive income includes income from things like a rental property or limited partnership, or royalties from a creative project. Portfolio income is money generated from investments such as stocks ...
The rental is incidental to a non-rental activity. In other words, if the main purpose of holding the property is to attain a gain from its appreciation (and also applies the condition that the gross rental income from the property is less than 2% of fair market value). [22]
Before selling rental properties or other investment real estate at … Continue reading → The post Writing Off Losses on Sale of Investment Property appeared first on SmartAsset Blog.
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In the Tax Reform Act of 1986 the U.S. Congress introduced the limitation (under 26 U.S.C. § 469) on the deduction of passive losses and the use of passive activity tax credits. The 1986 Act also changed the "at risk" loss rules of 26 U.S.C. § 465.
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