On Schedule E, Was able to take -$10,000 deduction in expenses over

Forum|Forum|3 years ago
March 29, 2023
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On Schedule E, Was able to take -$10,000 deduction in expenses over last couple of years. Nothing in 2022. Have $32,000 in expenses, no income. Why?

TurboTax Online

RobertB4444

Your rental real estate deduction is limited based on other income that you receive. If you made more money this year than in past years that would explain it. If you did not tick the box that said that you were 'actively participating' in the rental that would also limit your deduction.

If you make $100,000 or less rental real estate losses are limited to $25,000. Rental real estate losses are phased out if you make $100,000 or more. If you make $150,000 or more the allowed loss amount is zero.

Here are the IRS instructions which talk about allowed losses. Scroll down to the section that says "Special allowance for rental real estate activities".

@deanyoesting2397

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