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Michael, The suspended losses remain suspended until the property the property is disposed of. If the owner dies prior to the use of the suspended loss, it is added to the basis of the property that is inherited. Jim ------------------------------ ...
Any suspended losses would be added to the basis of the property if it is converted to personal use. ------------------------------ Dale L Gerretse Groskreutz, Abraham, Eshleman & Gerretse, LLC Kankakee IL (815) 911-7781 --------------------------- ...
If this is a single family unit, lenders won't let you hold it as a borrower in an LLC. If it's 5 units or more, they'll only want you to hold it as an LLC. If your client is committed to it being rental, just accumulate the tax losses. They'll help ...
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