I have rental house income $10K. Rental property depreciation is $20k. So my rental loss is $10K. However, if I enter all info in schedule E, I can’t deduct the loss because my MAGI is over $150K. I have a sole proprietor LLC and actively participated in the business. Since there is no income limitation to deduct losses in schedule C, I tried entering everything there. However, I don't seem to find anywhere that I can enter depreciate for residential rental property. Only commercial is allowed. I wanted to enter residential property depreciation in schedule E and everything else (income, expense etc) in schedule C. Can I do that? It seems Turbo tax allowed it and passed all checks.
