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Deductions & credits
Thanks for the prompt response. I have paid the property taxes for 7/1/17 to 6/30/18 in 2017 tax year. But from what you mentioned, I will be able to fully claim the taxes and the insurance paid in 2018 towards the rental expense for this year.
That being said, I am at a net total loss on my rental property this year where my expenses exceed my income from this rental. Do the rental losses carry over to the following years? Is there any other way I can recognize some of these expenses to reduce my future tax bill?
Thanks again for your help
That being said, I am at a net total loss on my rental property this year where my expenses exceed my income from this rental. Do the rental losses carry over to the following years? Is there any other way I can recognize some of these expenses to reduce my future tax bill?
Thanks again for your help
‎June 6, 2019
12:08 AM