CARES Act- Real Estate Depreciation Loss Carryback

[Jaleh Afrooze]

I read in a CNN article that depreciation expense can now be deducted from all other types of income with no limit (See below). Does anyone have a good attorney or CPA who can verify this? 

```Now here is what changed in the historic $2 trillion stimulus bill. Previously, if a married couple had depreciation deductions that exceeded their real estate business income, the couple could claim that "loss" to write off taxes on a maximum of $500,000 in income from other sources, like wages from a day job.
Under the change, our rich taxpayer couple -- and this applies only for individuals, not corporations -- can now deduct an unlimited amount of "excess losses" in real estate against income from other sources. So now real estate moguls with lucrative day jobs or bountiful capital gains from other investments can go back to living tax-free, the Kushner way, before limits were put in place as part of the 2017 tax reform bill.```

[Lance Lvovsky]

@Jaleh Afrooze

CNN doesn’t know tax law and that is just a political article. They are referring to the excess business loss limitations under 461(l) which was encacted under the tax cuts and jobs act. The stimulus bill temporarily halts this limitation which limited taxpayers from taking losses in excess of 500K (married filing joint). My advice: read CNN if you want but run away from any articles that discus tax laws. They are attacking a political party in that article. No surprise.