Rental Real Estate loss
I have $5800 rental real estate loss this year. This is passive income as I don’t manage property actively. The property is in India. I have day job and my adjusted gross income is above 200k. Can claim this real estate loss on Schedule E. The tax consultant is saying, you can claim it, but online it says, passive loss fade after 150k. I am confused now. Anyone here have property who claim this loss?
Cradlepoint xyykz@ Mar 30
It’s carried over, you can’t take it for the scenario that you described. When your rental property becomes profitable the losses will offset the income and you won’t have to pay tax until all of the carried over losses have been deducted against the positive income.
Warner Bros. Discovery GTshsna OP Mar 30
Thanks.
Akamai Technologies mmjI65 Apr 2
Is it through an llc ? You would have got a k1
If it's truely passive then you can't claim it against w2 income, but it will rollover to the future, and you can claim it when you sell the rental
Thanks