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I'm saying no t o being a real estate professional, make way more than the real estate deductable limit, yet the program is taking a real estate deduction.

 
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4 Replies

I'm saying no t o being a real estate professional, make way more than the real estate deductable limit, yet the program is taking a real estate deduction.

Is your income over $150,000?

Do you have any "passive" income?

Did you sell a rental property (or other passive activity)?

I'm saying no t o being a real estate professional, make way more than the real estate deductable limit, yet the program is taking a real estate deduction.

Filing single , income over $150,000

Have rental income which not my profession so it is passive.

Didn't sell any property

I'm saying no t o being a real estate professional, make way more than the real estate deductable limit, yet the program is taking a real estate deduction.

First, I want to clarify what you mean by "the program is taking a real estate deduction".  You mean a deduction for the RENTAL loss, right?

 

Do you have more than one rental?  One with a loss and one with a profit?

AnnetteB6
Expert Alumni

I'm saying no t o being a real estate professional, make way more than the real estate deductable limit, yet the program is taking a real estate deduction.

Double check the days of personal use and the days of rental use.  If you converted the property from personal use to rental use during the year, do not count any personal use days prior to the date of conversion.  Personal use days only count if the property is used personally after the time it became a rental property.  

 

 

@Software issues

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