Client bought a condo in Florida 9/27/2005 while he lived in NYC. He lived in house as a primary residence until Dec 31, 2018, when he moved into a new Florida condo and listed the first house for sale or rental as of Dec. 31, 2018. He gave up his NYC rental residence on January 1, 2007 and became a full-time Florida resident. He is retired as of Jan 1, 2018. He never received any rental income.

Primary facts:

Old residence purchase price was $1,300,000, closing costs on purchase (legal transfer, taxes, etc.) were $45,608.

Improvements were $855,039.

Property was sold 1/15/20 for $1,637,000, closing costs were $89,008.

Condo costs for 2019 were: RE Tax 11,319, Mortgage interest 58,393, maintenance was $30,408, utilities $1800, insurance was 7713.

The property was vacant for all of 2019.

1) What was the rental loss for 2019? EXTRA HINT, do not forget depreciation.

2) What was the 2019 depreciation amount?

3) To what year may loss first be carried back, under the new law?

4) If the loss was not exhausted in the first carryback year, what happens to loss?

The taxpayer had Taxable income of $100,000 each yr from 2010 until 2017