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Why does it look like turbo tax is allowing me to take losses on my rental property to reduce my AGI even though i show i am not a real estate professional?
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March 4, 2020
2:42 PM
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Investors & landlords
See IRS Publication 527 at https://www.irs.gov/pub/irs-prior/p527--2019.pdf page 13, 3rd column. The section titled "Exception for Rental Real Estate Activity with Active Participation."
March 4, 2020
3:23 PM
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Investors & landlords
Thanks but I don’t qualify for the active participant and my AGI is way above the AGI limits which TT should know.
March 4, 2020
4:31 PM