Investors & landlords

Ok, so it seems like this just showing what your income/ loss is from the two properties but it does not necessarily mean that you can use the Florida loss against you nonpassive activity income. Check your 2 Schedule E's from the two properties and compare it to the 1040 Pg. 1 Line 8 coming from Sch 1 Line 5 to see what amount of the loss is being carried forward. Remember, the rule of  disallowing the  maximum allowance rules only apply to an individual who is considered an active participant in passive rental real estate activity which you described yourself as in the property relating to Dublin. Your status in Florida may be entirely different thus allowing for the loss deduction. See HERE  under the category Special Allowance for Rental Real Estate Activities for more detail on this subject.

 

All the best! 

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