About jcphil

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Re: Losses when renting a room in your own home

@CarlThanks a lot for the answer. Appreciate it. In my case it seems Turbotax keeps offsetting my active income (wages) with the rental income losses from the r...

jcphil

10

Updated Oct 09, 2024
Re: Losses when renting a room in your own home

@CarlBased on the discussion above with@ColeenD3 it seems that deduction does not apply for renting portion of you residence including room in your house. Do yo...

jcphil

12

Updated Oct 09, 2024
Re: Losses when renting a room in your own home

My understanding ofIRC section 280A is that because it is my residenceno deduction for loss is allowed. I do not use that room (rented to a long-term tenant ove...

jcphil

1

Updated Oct 09, 2024
Re: Losses when renting a room in your own home

Thank you. That's what I am doing. The issue is I should not be able to use the losses from that property to offset anything else than passive income. The softw...

jcphil

3

Updated Oct 09, 2024

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Date Registered	‎March 28, 2021 10:20 PM
Date Last Visited	‎April 4, 2021 3:20 PM
Total Messages Posted	5

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