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Hello allodode1!
The best way to reduce taxes in your case is to look for any deductions ( will reduce your taxable income) or credits ( will reduce the tax owed) that you qualify for. A big one is to take the itemized deduction as opposed to the standard deduction, if possible. Here is a link to possible deductions you may qualify for: https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-credits-deductions/standard-deductio...
I hope this helps.
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Turbotax determined that I am better off with standard deductions, so what else can I do to reduce the tax. I do have several rental properties,
the operation expenses of which I have already deducted to the maximum. What else can I do?
Unfortunately, unless you actively involved in managing the property and perform over 750 hours of management service, any rental loss (passive) you incur on rental property is not tax deductible and deferred over time until you have passive rental income.
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