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Updated over 13 years ago on . Most recent reply
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Should I try to minimize losses if I phase out for most of them anyway?
I have a loss on a single rental property of about $3,500. Because my MAGI is $150k the loss is phased and I am not able to reduce my income by the loss. If that's the case should I not include all of the expenses that I can deduct i.e. mileage and other repairs? the reason I believe I would want to is because showing less of a loss for the property on my taxes might help my debt to income ratio when trying to get future loans.
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Originally posted by Steven Hamilton II:
IF you don't know what an EA is. He is the one that is supposed to be preparing your tax return and you CPA is supposed to do the books.
That's what I hear too Steven. The CPA plans the strategy, oversees the accounting process, and classifies the expenses and deductions so the EA can put the numbers on the return. :wink: