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P
Pran
October 10, 2022
Question

Zero deduction on rental property

  • October 10, 2022
  • 1 reply
  • 0 views
I am not a real estate professional but I own a rental property.  After I enter my expenses, mortgage, points etc under the schedule E, Turbo Tax shows my net loss on the property  as negative but "What you can deduct" as zero.  I am confused. Please help.

1 reply

M
Mike9241
October 10, 2022

losses on rental real estate when you are not a real estate professional are subject to the passive loss rules. so if your adjusted gross income is over $150K, no loss is allowed. look at form 8582. 

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