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Updated almost 7 years ago,
Advice on how to take advantage of passive activity losses
So I make over 150k in W2 income and should continue that for the foreseeable future. Given that, how can I take advantage from a tax perspective of losses on passive activity from owning rental properties? I imagine that if I was going to sell, at least these first properties, it'd be a 1031 to buy a larger one, which from my understanding you can't deduct carried over losses on since it isn't a taxable event.
Thanks for any help!