Can I take loss from my rental property (loss: 8500), it looks Turbotax is not applying it? my AGI is 161K. Pls advice.
.You may deduct up to $25,000 of losses from rental real estate in which you actively participate. The $25,000 deduction is phased out when your modified adjusted gross income is from $100,000 to $150,000, resulting in no deduction above $150,000
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