Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
jasoncave71
New Member

Why does it look like turbo tax is allowing me to take losses on my rental property to reduce my AGI even though i show i am not a real estate professional?

 
2 Replies
Carl
Level 15

Why does it look like turbo tax is allowing me to take losses on my rental property to reduce my AGI even though i show i am not a real estate professional?

See IRS Publication 527 at https://www.irs.gov/pub/irs-prior/p527--2019.pdf page 13, 3rd column. The section titled "Exception for Rental Real Estate Activity with Active Participation."

 

jasoncave71
New Member

Why does it look like turbo tax is allowing me to take losses on my rental property to reduce my AGI even though i show i am not a real estate professional?

Thanks but I don’t qualify for the active participant and my AGI is way above the AGI limits which TT should know. 

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.63m
Discussions

Manage cookies
v