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Since my adjusted gross income is over $100,000, I can't…

Since my adjusted gross income...
Since my adjusted gross income is over $100,000, I can't take the rental loss that I have even though I was actively maintaining the property. Since I have a mortgage and property taxes on that rental and it's "useless" as far as taking the rental loss, can I use the mortgage and property tax payments on my Sch A instead of on the Sch E? I do not live in the rental nor used it for personal use.
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Answered in 5 minutes by:
5/15/2017
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,738
Experience: 15years with H & R Block. Divisional leader, Instructor
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The rental deductions cannot be claimed on Schedule A unfortunately. You must use the Schedule E to report the expenses.
If your modified adjusted gross income (MAGI) is $100,000 or less , you can deduct your loss up to the amount $25,000.
If your MAGI is more than $100,000 , your special allowance is limited to 50% of the difference between $150,000 and your MAGI.
If it turns out you cannot claim the loss against other income then it is suspended. That means you use it when you sell the rental.

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Customer reply replied 9 months ago
The MAGI is $240,000. The difference would be $90,000. My loss is $5000. How much of this would I be able to take if any? Is this figured on the 8582 form?

You do use the form 8582 when you have a passive loss.
You work out your allowed amount in Part II

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Customer reply replied 9 months ago
Just so that I understand because my income is over $100,000 I have to use the form 8582 to see if any of the loss can be taken. I satisfy all the other exceptions to having to use the form 8582 except the MAGI.

You do need to use the 8582 so you can track your losses that are carried over each year. You cannot claim any amount against your other income though. The difference I explained before means you still cannot go over the $150,000.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Customer reply replied 9 months ago
Thank you for your time

You are welcome. Keep the losses for when you sale.

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