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Investors & landlords
I am working on my 2021 Tax Return and am slightly confused on this still. If you rent out a room in a primary residence I believe you cannot record any net loss, correct? So don't you want to select "No, I am not an active participant in this rental property" In order to make sure your losses are not used against your other income? If you select that you are a active participant TurboTax will generate a net loss that is deducted from your other income.
‎February 19, 2022
5:08 PM