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Updated almost 6 years ago on . Most recent reply
rental loss deduct against w2 income for real estate professional
Hi everyone, is there a cap on how much rental loss you can deduct again your w2 income as a real estate professional? Thanks so much!
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Eamonn McElroy
#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
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- Atlanta, GA
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
I would recommend caution. You're about to DIY the passive activity losses rules and make a binding election on your tax return. The passive activity losses rules under Sec 469 are an area of the internal revenue code that is difficult to grasp and take years to understand for professionals who are exposed to it on a regular basis, let alone non-practitioners.
It might be the wiser move to extend your return and interview CPAs/EAs after things calm down.