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Investors & landlords
If you are renting at below FMV and/or to family, then that would be correct. Your losses are limited to your rental income in that scenario. Otherwise, once your losses get your taxable rental income to zero (and they will), the excess is carried over. You can see the carry over amount on the IRS Form 8582, worksheet 6, column b.
‎April 14, 2020
4:31 PM