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Updated over 2 years ago, 03/25/2022

User Stats

169
Posts
37
Votes
Tim Sipowicz
  • Rental Property Investor
  • Lockport, IL
37
Votes |
169
Posts

Income to high to deduct Rental property

Tim Sipowicz
  • Rental Property Investor
  • Lockport, IL
Posted

Hello BP community. I recently got my taxes done and was told I couldn't deduct the rental loss due to my income for the year. What are my options here to capitalize on the tax advantages for next year? I have an LLC currently but it's for a non real estate business. I also understand that quick claiming a property into an LLC can trigger a due on sale clause? I believe that's what it's called. Just wondering my options, and that may be the only one but open to any suggestions and really appreciate any feedback. I only own one SFH as of now but plan on purchasing a second this year. Thanks!

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