TAXMAN Posted March 17, 2010 Report Share Posted March 17, 2010 Have tp who is renting raw land to farmer. If I put x in box for nondepreciable propert tp gets all loss due to real estate taxes and interest paid. If I don't put x in box then TP gets about half of the loss due to income being right at about 148K. Any one want to venture a guess. This is undeveloped land and tp plans to keep it this way. My box of rocks does'nt know the answer. Thanks :scratch_head: Quote Link to comment Share on other sites More sharing options...
TAXMAN Posted March 22, 2010 Author Report Share Posted March 22, 2010 Just thought I would move this back up again. Got another one of them. Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted March 22, 2010 Report Share Posted March 22, 2010 I'm guessing, although you did not say so, that this is cash rent and you are using Sch E? And the box is box 12 at the top of the page? If so, I agree it should be checked. How much is the loss? Read Pub 925, page 9 the rules for rental of nondepreciable property. It is treated as nonpassive, which should be why the loss is not limited by the passive loss rules. Quote Link to comment Share on other sites More sharing options...
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