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No, your total joint Modified Adjusted Gross Income (MAGI) would be over the limit to be allowed to claim any passive rental losses on your return. The $25,000 allowed loss is completely phased out when the MAGI is above $150,000 for a joint return.
This is explained further in the following article: Real Estate Tax and Rental Property
Scroll to the very last section labeled What are passive activities and how do they affect me?
No, your total joint Modified Adjusted Gross Income (MAGI) would be over the limit to be allowed to claim any passive rental losses on your return. The $25,000 allowed loss is completely phased out when the MAGI is above $150,000 for a joint return.
This is explained further in the following article: Real Estate Tax and Rental Property
Scroll to the very last section labeled What are passive activities and how do they affect me?
Thanks Annette.
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