I started renting our home in 1/2015 and I'm not exactly sure what a passive activity loss is and how do I determine if I can deduct it.
Renting out real estate property is generally considered a passive activity,
Please complete the rental section to file a Schedule E so that you will be able to claim all related expenses and depreciation , so if any passive loss , that can be carried forth even up to the time the property is sold.
If you expenses exceed your rental income, you have a loss. If the rental income exceeds your expenses, you have a profit.
Where do I enter income and expenses from a rental property?