TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Level 2

Solved

If one is an active participant in a rental property can the losses be written off against active income? Is so where in TT does one indicate the same?

Forum|Forum|7 years ago
June 1, 2019
4 replies
64 views

No text available

TurboTax Self Employed Online

Best answer by Zbucklyo

If you are an active participant in a real estate rental property, you can fully deduct real estate losses up to $25,000 against active income ($12,500 if married filing separately), as long as your modified adjust gross income (similar to AGI but with some addbacks) is less than $100,000. Between $100,000 and $150,000 of MAGI, the losses are phased out, so that once MAGI goes above $150,000 you can't take the loss in the current tax year. Losses that are not fully deductible in the current tax year are carried over to future tax years and can be used to offset other passive income, or can be realized when the property is sold.

Level 8

If you are an active participant in a real estate rental property, you can fully deduct real estate losses up to $25,000 against active income ($12,500 if married filing separately), as long as your modified adjust gross income (similar to AGI but with some addbacks) is less than $100,000. Between $100,000 and $150,000 of MAGI, the losses are phased out, so that once MAGI goes above $150,000 you can't take the loss in the current tax year. Losses that are not fully deductible in the current tax year are carried over to future tax years and can be used to offset other passive income, or can be realized when the property is sold.

A

Anonymous

Under Income & Expenses, you will enter your properties under Rental properties and Royalties

Once you enter the property and you let TurboTax calculate your expenses, It will take you to the screen in the image below.

Level 2

I see another question along the same lines : <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3272109-rental-property-active-participant">https://ttlc.intuit.com/questions/3272109-rental-property-active-participant</a>. What is the two conditions in the attached link are satisfied bu not the 750 hours or 50% of work related time?