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High earned income/deducting rental expenses
My husband and I earn around $260k and have a 2nd home which we have just turned into a rental property. Am I able to write off the expenses associated with the income from that rental property? If I am not and just have to wait till we sell it to take those losses, do I have to pay taxes on the current income since I can't deduct the losses?
‎July 12, 2021
10:48 AM