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olsonn2
New Member

I have a loss on my K-1 from a rental business I own. but it comes thru as $0.00 on my return. why?

 
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JulieCo
New Member

I have a loss on my K-1 from a rental business I own. but it comes thru as $0.00 on my return. why?

Rental properties are deemed to be a passive type of income activity by the IRS; therefore, losses are limited as to what can be included on one’s tax return each year.  If you actively participate in a rental real estate activity, you can deduct up to $25,000 of your rental loss even though it’s passive, but this exception phases out as your income rises. If you have modified Adjusted Gross Income over $100,000, the $25,000 rental real estate exception decreases by $0.50 for every dollar over $100,000. The exception is completely phased out when your modified adjusted gross income reaches $150,000.   See more information regarding rental properties and taxes in this TurboTax article:  Real Estate Tax and Rental Property.


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