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Investors & landlords
Hey guys,
Sorry for the long delay. I wanted to take Carl's recommendation and get all of my other income in there to see if that resolved the problem before pressing forward with any more questions, which meant waiting for the last few documents. Unfortunately that didn't seem to help. My MAGI is low enough to allow me to take a significant portion of the special allowance, but not all of it. I got all of my income in there and even moved on to the deduction section, but no luck. The second property is still showing as $0, when it should be showing an operating loss. Based on the IRS document linked earlier, I still have plenty of room to take additional allowance, so capping that out is not the problem. It does seem to be registering some amount of the depreciation, as without it the property is a little profitable, and it does drop it to zero. It just won't go below zero.
Is there a way to override this? Is it possible that I made a prior selection that prevents it from showing an operating loss? I can't imagine what that'd be.
Thanks again for all the help.