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