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Updated almost 7 years ago,
Rental losses against personal income
Happy Friday! Cheers!
So my wife and I are both teachers in NY. We grossed $251,000 last year on our w2s and we file jointly. We purchased 2 rentals properties (2 duplexes) last year and with the work/renovations we put into them, we showed a paper loss on them totaling around 10K. I am not a real estate agent or real estate professional in anyway. I do manage these properties but I don't spend over 50% of my work on these.
Can I claim my rental losses against my income?
Thank you in advance for any information...