Question on writing off Rental Income to Zero

[Zach P.]

With last years taxes, I was able to write off my rental income down to zero through depreciation, repairs, hoa's, taxes, insurance, etc on my rental properties.

Since I do not meet the qualifications to go to $-25,000 I was wondering if the additional money I could have written off can be passed on to next years taxes? This is common with other situations such as short term stock losses but I cannot find any specific information on this??

Zach

[Linda Weygant]

Yes - passive losses carry forward year over year until you have a year where you do not have income as high or you sell.  In the event you sell, all of the accumulated passive losses will get written off in order to lower your overall tax scenario.

If you use the same tax preparer (or the better self prep software packages), those passive losses should get "saved" every year and then will be available to use when applicable.