I own a rental home, which I have rented out for the years 2023 and 2024, and expect to do the same for the foreseeable future. I am an active participant in selecting renters, hiring the work done, and deciding on capital outlays. This involves less than 100 hours annually. In 2023 I sustained a loss of $(7,934) but in 2024 I made a profit of $7,396. Can I offset the loss from 2023 to the extent of the net income in 2024. If so, what sections on form 8582 would I complete? I have to file a paper copy this year.
