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Nci-Consulting
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Rental Loss

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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‎January 30, 2021 11:13 AM
last updated ‎January 30, 2021 11:13 AM
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tagteam
Level 15
Level 15

Rental Loss

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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‎January 30, 2021 11:20 AM
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tagteam
Level 15
Level 15

Rental Loss

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

‎January 30, 2021 11:20 AM
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