Retirement tax questions


@Woodman228 wrote:

We have rental property and I entered the information for Rentals.  Line 22 has -25,000 - Can I deduct this for 2019.  We recently retired and my income dropped so I am checking if this is an error?  Thank you.


Yes, you most likely can deduct the $25,000 (which the IRS calls the special allowance) provided you do not exceed the income criteria and either you or your spouse actively participate in the rental activity.

 

See https://www.irs.gov/publications/p527#en_US_2018_publink1000219124