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Updated almost 3 years ago,
Need help with taxes question
This is my first post on this forum, so I trust I am following the rules.
So, I have been using Free Fillable Forms on the IRS website the last couple of years (we are yet to receive last year's refund though that is not the question).
We have had two rental properties for almost two decades now. They don't generate a lot of income but we've been holding on because we don't want to sell and pay taxes.
Anyway, it has not been a big deal to fill the tax forms, except for this year. One of the properties is at a loss (after depreciation) because it was vacant for a couple of months but the other has a profit more than enough for the combined amount to be a profit.
Well, Free Fillable Forms does not automatically enter the loss into the calculations, though it automatically does so with the profitable property - I need to manually write the loss into the form. Am I doing something wrong or is there some other form I need to file?
Or are we no longer permitted to take the loss from one property though we are at a profit when both are included? Both properties are managed by property managers.
Thanks for any help!