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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
‎November 16, 2019
12:23 PM