I bought an 8 unit apartment building in January '19 and this is my first time doing taxes with it. Inputting everything in Turbotax Schedule E my net loss is $43,101, but Turbotax states since my wife and I make over $150,000, none of that loss can be deducted.
Rental Property income:
Your deductible losses = zero
What you will see on your 1040 at this point: zero
Should we file married but separately so one of us can claim this loss? I always figured I'd benefit from owning a rental property in terms of taxes, but this is news to me. What does my income have to do with how much I lost on an investment?4
