Rental Real Estate Loss Allowance making over $150k...
Can someone better help me understand how the Rental REal Estate Loss Allowance works? I was surprised to find out I'm going to owe $3,800 in taxes this year. I have just over $17,000 in losses from our rental property on paper, but because my wife and I make over $150,000 via W2s we apparently can't take advantage of this loss? Is this something that comes back when the house is sold or something? How does this work exactly...