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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I have interest income from two second mortgages and I have

Resolved Question:

I have interest income from two second mortgages and I have passive real estate rental losses and my AGI is over $150,000. Can I offset the interest income from real estate mortgages with real estate rental losses?
Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.

Hello JA Customer,


Your passive losses from a real estate investment cannot be claimed at all if your income exceeds $150,000 AGI. You will, however, carry forward those losses to use either on future years returns where you may be in an eligible income bracket to claim the losses, or you will claim the losses in the year you sell the rental property.


In the meantime, the losses cannot be used to offset your mortgage interest income or any other type of income you have for the year.


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Thank you JA Customer



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