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basbil
New Member

I entered all my depreciation numbers for my rental property, but it does not show on the summary sheet and does not reduce my tax bill. What am I doing wrong

 
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view2
New Member

I entered all my depreciation numbers for my rental property, but it does not show on the summary sheet and does not reduce my tax bill. What am I doing wrong

Rentals are considered passive activities for most owners. There are rules that apply to passive activities that limit the losses you can take on your tax return. Here are a few reasons why your losses may not be fully deductible:

* You do not actively manage your rental so losses are only allowed if there are profits from other passive activities.

* Your income is over $150,000. None of your real estate loss is allowed.

* You converted a personal home to a rental property and incorrectly entered personal use days after the conversion date forcing the vacation rules limitation.

* You are filing Married Filing Separately (MFS) and you live with your spouse during the year. This reduces allowable losses to zero.

A must read for landlords.

Publication 527 (2016), Residential Rental Property


Please note that a specific detail question  pertaining to the particular individual situation  in Turbotax can result in a concise answer.

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view2
New Member

I entered all my depreciation numbers for my rental property, but it does not show on the summary sheet and does not reduce my tax bill. What am I doing wrong

Rentals are considered passive activities for most owners. There are rules that apply to passive activities that limit the losses you can take on your tax return. Here are a few reasons why your losses may not be fully deductible:

* You do not actively manage your rental so losses are only allowed if there are profits from other passive activities.

* Your income is over $150,000. None of your real estate loss is allowed.

* You converted a personal home to a rental property and incorrectly entered personal use days after the conversion date forcing the vacation rules limitation.

* You are filing Married Filing Separately (MFS) and you live with your spouse during the year. This reduces allowable losses to zero.

A must read for landlords.

Publication 527 (2016), Residential Rental Property


Please note that a specific detail question  pertaining to the particular individual situation  in Turbotax can result in a concise answer.
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