TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

If I do not get a deduction on my tax return from a rental property because my AGI is high, what is the purpose of claiming the rental property on your taxes.

Forum|Forum|3 years ago
February 23, 2023
1 reply
0 views

No text available

TurboTax Online

You may not get the deduction this year, but you will sometime in the future. The loss on a property is referred to as a Passive Loss. This loss can offset any passive gains and will fully be used when you sell the property.

Another key point. If you have a rental property, be sure to take the appropriate depreciation each year. When you sell the property the IRS rules require that you recapture all of the previous depreciation whether you took it or not.

Also see this publication: Topic No. 425 Passive Activities – Losses and Credits

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