Wow! Thanks for all the info! So from what I can tell, schedule C losses can offset ordinary earned income from a job. But anything to do with a rental income goes on a schedule E and that can never ever effect anything like wages from a job?
So if I pay like $7,000 in federal taxes in my job, owning rental properties can never benefit that realm of my life? :(
So... It is beneficial in its own right because you essentially never pay any taxes on the rental income? But it can't ever help you on 1040 Ordinary Earned Income?
Thank you for all of your replies!!
