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Updated almost 8 years ago,
Is my CPA correct about not being able to utilize losses?
Last year I purchased my first two rental properties. I'm in it for the cash flow but was also hoping to get some of the tax perks. I talked with a couple of CPA's and went with one who has real estate investors and small business owners as clients already. He did my taxes for me and as I anticipated I had a loss on both properties (I did work to both). But, he says I'm not going to get any tax breaks in the short term because my income is to high from my W-2 job. I will however be able to carry these forward into years when I show profit or sell the properties. Should I be looking for another CPA that knows REI better or is this just something I have to live with?
Thanks,