My rental losses exceeded my rental income for 2020. Can I deduct the remaining rental loss against my wages and other income?
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There is a $25,000 special loss allowance which you can use to offset other income provided you or your spouse actively participated in the rental activity and are within the maximum income parameters.
See https://www.irs.gov/publications/p527#en_US_2019_publink1000219124
There is a $25,000 special loss allowance which you can use to offset other income provided you or your spouse actively participated in the rental activity and are within the maximum income parameters.
See https://www.irs.gov/publications/p527#en_US_2019_publink1000219124
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