@sfmike wrote:
- To test the effect, I went back to my 2020 TurboTax return and checked both boxes for our real estate business (More than 750 hours/more than 50% of work-related time). However that didn't change my taxes at all despite showing a substantial loss. Why wouldn't that allow me to deduct the loss? (I'm just trying to see the impact since I worked fulltime in 2020)
That is the FIRST half of qualifying. The SECOND half is that you must "Materially Participate" in each rental. So you need to go into EACH rental property to indicate if you "Materially Participate" or not.
