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Investors & landlords
OK My AGI is >150K and I have a rental that when I claim expenses for Turbo tax allows me to take.
In fact the expenses are more than the rental income so it is a negative number that actually shows up on my schedule E and ultimate is in the 1040.
I thought that wouldnt be allowed as im not a real estate professional either.
Is this a bug in turbo tax.
I was audited in 2018 by NYS as they did allow this and now 2021 turbo tax allows it.
I tried several combinations but it basically the expense and other expenses when you enter them and greater than the rental income.
‎January 29, 2022
2:14 PM