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Sal177
March 15, 2021
Question

Rental Property Deductions

  • March 15, 2021
  • 1 reply
  • 0 views

Can I do a Schedule E if my 2020 gross income was $220,000, and claim my rental property expenses?

    1 reply

    A
    Anonymous_
    Employee
    March 15, 2021
    @Sal177 wrote:

    Can I do a Schedule E if my 2020 gross income was $220,000, and claim my rental property expenses?

    Yes, you can deduct rental expenses but at your income level you will most likely not qualify for the special allowance for rental real estate activities (i.e., the ability to deduct up to $25,000 from nonpassive income).

     

    See https://www.irs.gov/instructions/i8582#idm140196971234960

     

    If your deductions exceed your rental income, the net loss will be suspended and carried forward.

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