You may be subject to passive activity loss limitations. There is an exception that allows you to deduct up to $25,000 passive loss for rental real estate, but this exception does phase out as your modified Adjusted Gross Income (AGI) increases. It starts to phase out at $100,000 modified AGI and completely ends with modified AGI above $150,000. There are different limits and rules if Married Filing Separate. To calculate your deductible loss, TurboTax will automatically complete Form 8582: Passive Activity Loss Limitations. To learn more, see the following TurboTax article: Real Estate Tax and Rental Property

Question

I'm trying to add real estate taxes, other taxes, insurance premiums etc to my rental property income info page, but the values I enter show up as $0?

Forum|Forum|5 years ago
February 16, 2021
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HelenC12

You may be subject to passive activity loss limitations.

There is an exception that allows you to deduct up to $25,000 passive loss for rental real estate, but this exception does phase out as your modified Adjusted Gross Income (AGI) increases.
It starts to phase out at $100,000 modified AGI and completely ends with modified AGI above $150,000. There are different limits and rules if Married Filing Separate.
To calculate your deductible loss, TurboTax will automatically complete Form 8582: Passive Activity Loss Limitations.

To learn more, see the following TurboTax article: Real Estate Tax and Rental Property

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