What recommendations do you have for a couple who make over $150K AGI but also have rental property losses they would like to recoup?

[reweinzinger]

About $15K loss this year due to extensive work (new A/C and heat system, roof repair, external paint and general repairs) that had to be done to property. Not QBID or Safe Harbor eligible.

[Carl]

It is not common for residential rental real estate to actually show a taxable profit each year. Especially if there's a mortgage on the property. Due to your income being to high, your losses in excess of the rental income just flat out are not allowed. But you don't lose them. They just get carried forward to next year. All of your carry forward losses won't be and can't be realized until the tax year you actually sell the property. Then, and only then can those passive losses be used against other ordinary income. (In excess of the $25K that you may be allowed anyway.)