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P
pennstaterandy
January 31, 2020
Question

My rental deductions are not adding to my refund.

  • January 31, 2020
  • 1 reply
  • 0 views

Hello, 

 

When I add my 25, 000 dollars of rental deductions to my turbotax return it does not give me a dime added to my refund. Any thoughts as to why this happens?

    1 reply

    A
    Anonymous_
    Employee
    January 31, 2020
    @pennstaterandy wrote:

    When I add my 25, 000 dollars of rental deductions to my turbotax return it does not give me a dime added to my refund. Any thoughts as to why this happens?

    Net losses from rental real estate activities are considered passive losses and are limited.

     

    If you actively participate in your rental activity(ies), there is a special allowance of up to $25,000 that you can deduct against other income but that allowance is subject to a phaseout rule.

     

    See https://www.irs.gov/publications/p925#en_US_2018_publink1000104571

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