hollymortensen
Returning Member

Investors & landlords

Thank you for your response.  The issue I'm having is that the new rental expenses are all entered (including depreciation), and I have a loss.  Turbo Tax is saying that $0 of the $8,000 loss is deductible.  I received about $250k capital gains on the sale of my previous rental property (used to pay off my loan) and would like to reduce my tax burden.  Is there any way I can use the $8,000 loss on my new rental property to reduce my taxes this year?