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Deductions & credits
Correct- your deductions are limited to your income- but they do carryforward so you may be able to take advantage of them in future years. With the vacation property, your deductions are limited to "operating expenses". If you look at your Schedule E Worksheet in TurboTax (I did a partial screen shot for your reference I just threw some random number in but you can see the expenses in Col. D that are deductible). @MedicaidQs
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March 27, 2025
6:49 PM