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I have a mortgage for a 2-family house, for which I paid
I have a mortgage for a 2-family house, for which I paid $27,000 in interest in 2018. Each of the 2 apartments are 50% of the total house surface. 1 is my primary residence and I rent out the 2nd one. On Schedule E the depreciation deduction offsets entirely the rental income. This means that if I include 50% of the interest ($13,500) on Schedule E, this triggers zero additional deduction. Can I put the entire amount of interest paid on Schedule A so I can benefit from the full $27,000 deduction? This would save me abt $6,000 in tax return, while making sure I don't "double-dip" / count more than what I actually paid in total interest. Also, my income is > $150k, which I believe does not allow me to claim carry-over losses for next year. … read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,711 satisfied customers
I bought a property in California ( being a resident of
Hello, I bought a property in California ( being a resident of California) and rented it via Airbnb for about 4 months. 9 months later I sold it for a gain of $250k. I have stock accumulated losses of… read more
NelsonProTax
NelsonProTax
Remote Tax Support Expert
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I received a 2018 1099-A for a rental property from the
I received a 2018 1099-A for a rental property from the lender. I will end up reporting a loss on Form 4797 of about $60k. I will eventually be receiving a 1099-C for Debt Cancellation, which I expect… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
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I have 7 rental properties and had passive loss of $450,000
Hello I have 7 rental properties and had passive loss of $450,000 on all of them together. … read more
taxmanrog
taxmanrog
Master's Degree
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I sold two rental properties this year, and the suspended
I sold two rental properties this year, and the suspended passive activity losses are more than what my regular earnings will be (retirement pension annuity). I read that any suspended activity losses… read more
emc011075
emc011075
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Bachelor's Degree
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Or ONLY please: OK for decades I have reported my rental
For Taxman Rog or Barbara ONLY please: OK for decades I have reported my rental properties on Sch E, I guess i have always been considered a Passive RE investor. FACTS: (1) I have NOT yet filed my 201… read more
taxmanrog
taxmanrog
Master's Degree
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I have serveral rental properties, and an overall passive
I have serveral rental properties, and an overall passive activity carry forward loss of $650k from 2017. This is basically related to properties B and C. I'm planning on selling property A at a $700k… read more
Lev
Lev
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Bachelor's Degree Equivalent
40,711 satisfied customers
I sold a rental property. It lost money every year I owned
Hi. I sold a rental property. It lost money every year I owned it, so I never used all the losses and depreciation deductions. Can I carry those losses to other properties? Will I owe depreciation rec… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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If I have a loss from the sale of a partnership interest,
If I have a loss from the sale of a partnership interest, this is capital in nature, correct? If I have carryover losses from that partnership, those are net operating losses (assuming that they are f… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
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I own two properties In MO. and currently live in Florida.
I own two properties In MO. and currently live in Florida. My wife and I made over 150k last year and we're unable to take deductions for losses on the Mo. Properties. If we for an LLC would we be abl… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
40,711 satisfied customers
I have passive income from the rental of my former home. I
I have passive income from the rental of my former home. I decided to sell the home after the tenant left in May 2014. The home sold in January of 2015 and I calculated I will have a $33,000 capital g… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,641 satisfied customers
I am trying to figure out a rough swag of how a new investment
I am trying to figure out a rough swag of how a new investment will impact my tax returns. I understand this a conceptual discussion, but I appreciate the help in understanding this. 1. My husband and… read more
Lev
Lev
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Bachelor's Degree Equivalent
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On my 2010 return, I had a net loss. I disposed of a rental
On my 2010 return, I had a net loss. I disposed of a rental property at a large enough loss, that along with accumulated passive losses gave me a negative AGI. I am trying to find out if that loss can… read more
Stephanie B.
Stephanie B.
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Hello. I have a few rental properties that due to the current
Hello. I have a few rental properties that due to the current market conditions I am taking a loss on for the past few years. Because I make more than $150k a year, it's passive losses. I don't have a… read more
Stephen G.
Stephen G.
Sr Financial & Tax Consultant
Bachelor's Degree
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Married filing joinly, with 1 rental property with an annual
Married filing joinly, with 1 rental property with an annual loss. Since our gross income has been over $150K, our tax person has said the rental losses are not deductable. He said the years of losses… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
I sold one of my rental properties at a gain and and continue
I sold one of my rental properties at a gain and and continue to rent the others. I have filled out the 4797, increased the gain by the depreciation, etc. and know that I will pay 25% on the recapture… read more
Mark D
Mark D
Enrolled Agent
Master's Degree
1,338 satisfied customers
Hi, We are selling a rental property (condo) which we have
Hi, We are selling a rental property (condo) which we have rented at a loss for the past 5 years - we have another rental property (a house) which we have rented at a loss for the past 2 years. Can we… read more
RD
RD
Self Employed
Master's Degree
1,129 satisfied customers
A client owned rental property in 97. He did not take ...
A client owned rental property in 97. He did not take advantage of the suspended loss allowed on disposition rule when he filed his returns for 97, do you know of any court cases where the taxpayers w… read more
Jesse Handel
Jesse Handel
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