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Updated almost 4 years ago,

User Stats

43
Posts
7
Votes
Art Webb
7
Votes |
43
Posts

Understanding IRS Net Operating Loss Carry Over for Rental Losses

Art Webb
Posted

I getting ready to sell a rental house which has accumulated a significant amount of Net Operating Loss over the past 20 years.  I understand I can use this NOL to reduce my personal taxable income.  Question:  Can I claim the entire amount regardless of how many years it took to accumulate ?  Is there a maximum amount per tax year I can use ?  My tax software shows the full accumulated amount as NOL.

However, in researching I see various articles talking about claiming it back on only 5 yrs of tax returns and onto future tax returns until you have exhausted it all.  Appreciate all responses ! Art