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Investors & landlords
Assuming you live with your spouse, filing Separately still won't allow you to claim any losses. Sorry.
Generally, the "passive losses" from a rental property can only offset "passive income", and can't offset other income. In some cases there is a special rule that allows you to claim up to $25,000 of losses per year, but that does not apply if your income is over $150,000 or if you file as Married Filing Separately (while living with your spouse).
Because this is your first year, I highly recommend going to a tax professional to ensure you are doing things correctly.
‎February 5, 2020
12:27 PM