Skip to main content
March 21, 2023
Question

I have deducted my rental income in the past, but this year it says my deduction is zero? are there new rules?

  • March 21, 2023
  • 1 reply
  • 0 views
Why cant I decuct any of my rental income or expenses?

1 reply

March 21, 2023

If you have a rental, you don't deduct your rental income. You deduct rental expenses.

 

If you have a rental and you reported your income and your expenses and you had a loss but TurboTax says your deduction is zero, here are two reasons why you may not be getting the deduction:

  1. In TurboTax, you entered that you don't "actively participate" in the rental activities. As you're going through the TurboTax Rental screens, you'll be asked if you qualify as an active participant. You might want to revisit the rental section of TurboTax and make sure you indicated you were an active participant.
  2. Your income is too high. The $25,000 loss allowance is phased out for taxpayers whose Modified Adjusted Gross Income exceeds $100,000.

 

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"