Thanks for the responses.
0. I will double-check but I think the property was rented out for about 175 days. Is this information important? Is there some limit that 50+% of the days in the year the property had to be rented? I hope not.
1. I did not understand what you meant by 505 in "You then enter 505 of your property tax,"
2. Hopefully, if all goes per plan, we don't anticipate our MAGI to reduce below $150k in the coming decade(s). In such a case, is there a limit for how many years would my "losses will be suspended and carried forward until you have passive income to offset, or sell the property"?
3. For the losses to continue to carry forward, is there something I should be careful about i.e. inadvertantly, I don't want to change an answer to a question from yes to no or no to yes and lose the ability to eventually take the loss.
4. Lastly I did not catch exactly on which page would I be able to enter no number for the number of days the property was rented. "If the property was a dedicated rental for the second half of the year, don't enter anything for rental days and personal use." I will look but yes, you are right, I had entered the number of days the property was rented as a value somewhere during the preparation. If I was "treating your rental like a vacation rental", then by making the change, what type would I be treating it like after entering nothing in the number of days entered?
5. Say I sell the rental home in Feb 2024. Say my Sch E income then is $6k and expenses are say $1k and depreciation is $10k and carried forward losses are say $20k. I would qualify for actually reducing my income independent of MAGI being above $150k by $6-1-10-20 = $25k?
What I want to ensure is I don't click somewhere incorrectly and lose the ability to continue to carry forward losses until the day of sale. Is there a specific question / answer to be watched carefully for future Sch.Es?
Thanks again for all your help!
