Solved
Our income is $126K. Rental loss is $19k but turbo tax will only allow $6700. Why?
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You are falling victim to Passive Activity (rental) Loss Limitations. The ability to claim current year losses against income for rentals is phased out between $100k and $150k.
The program will automatically carry these losses over to use in a year where your income is lower or to offset a gain. If your income remains at this level or higher, you will be able to recoup all carried over losses at time of sale of the rental property.
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