Oak View, California. Homefacts City Report. Oak View is located in Ventura County, CA. The population is 4,337. There are 1 public schools in Oak View with an average Homefacts rating of B-. The total crime rate for Oak View is very low, and there are 9 registered sex offenders residing in the city.
If you do not declare the loss and start making profits several years later and then declare the profit, you will lose out on being able to offset the losses against the profits and hence will pay more tax.f you do not declare the loss and start making profits several years later and then declare the profit, you will lose out on being able to offset the losses against the profits and hence will pay more tax.
The Internal Revenue Service considers rental property to be business property, so you canât just report the gain or loss on your Form 1040. You must also complete and file IRS Form 4797, Sales of Business Property.If your rental property is a home, itâs a Section 1250 property, so you must complete Part III of the form to determine if you have a gain. Then enter the resulting number on line 32 on line 6 of Part I.If you owned the property for more than a year before selling it, the process changes.hares & Saves. Save. If you own rental property and sell it during the tax year, you might want to consult with an accountant or tax professional when April comes around. USA TODAY warns that reporting the sale on your tax return isnât a task for the faint of heart -- unless you have some tax savvy and experience.