Passive Activity Loss question in tow parts. Starting an LLC Rental Car Service and renting a new car on Turo. My question is will I be able to deduct it as a business expense and will the typical 5 year deduction carry over to my W2 income if the car itself does not make enough in in taxable income to fully cover said deduction?
Rental of personal property (any property other than real property) is typically not subject to the passive activity loss rules.
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