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Investors & landlords
@RBB1 Yes, only report rent actually received. Don't enter a negative amount for rent you did not receive.
Enter your rental property expenses as usual. You will have a Rental Loss this year.
Make sure you indicated that you 'Actively Participate' in your rental activity in the Property Info section.
If your losses are not deductible this year, they will carry forward to future years. They will continue to carry forward until (a) you have passive income (such as a profit from the rentals) for the losses to be used against or (b) you sell the property in a "fully taxable transaction".
Click this link for more info on Rental Property Loss.
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‎February 26, 2021
5:13 PM