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Deductions & credits
The rental losses you had before you became a real estate professional were passive losses and they remain as such even though you are now a real estate professional. Losses you sustain in 2024 going forward are not passive as long as you remain a real estate professional. So, the loss carryovers from previous years are only available going forward to offset passive income or become deductible against ordinary income when you dispose of the property.
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March 26, 2025
11:49 AM