I do not qualify for REPS and my income is higher than the limit that allows me to deduct ordinary income with my rental loss.
However, I am wondering if interest received from saving account consider as passive income? If so, what can I do in Turbo Tax to offset income from 1099-INT with my rental loss?
Same question goes to dividend. Does income reported on 1099-DIV consider as passive income or ordinary income?
Side note: I am not materially participating in any of the activity that result income from dividend and interest. I just deposit my money to the bank and bought stock a few times.
