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Get your taxes done using TurboTax
Rental losses (on residential rental real estate), as passive losses, are carried forward but there is a special allowance for active participation where an owner can deduct up to $25,000 against nonpassive income depending upon the taxpayer's MAGI (modified adjusted gross income).
See https://www.irs.gov/publications/p527#en_US_2022_publink1000219124
‎September 20, 2023
1:19 PM
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