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Updated almost 7 years ago,

User Stats

144
Posts
218
Votes
Brian Zaug
  • Lagrangeville, NY
218
Votes |
144
Posts

Rental losses against personal income

Brian Zaug
  • Lagrangeville, NY
Posted

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...

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