@Vanessa A Thank you for the prompt response to each of my questions. OK I understood the following:
1. Since my AGI is above $150K, I cannot deduct these rental property losses against my W2.
2. I can file claiming standard deductions but also report rental property losses part of Schedule E.
Followup questions:
1. Yes, tenant occupied my property for 16 days in TY2022. But my tenant paid his full month rent as commission to my realtor directly and I did not receive my first rental property income until Jan 2023. Is it OK to put income as $0 for TY2022 and just add the listed expenses? OR I need to report prorated rent as my income and offset it by adding Commission expense?
2. Can I report these rental property losses in Schedule E and carry forward them to next tax year for offsetting against my future rental income?
Sorry for naive questions, its my first time filing taxes as landlord and I don't want to cross IRS auditors!
