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Updated almost 6 years ago on .

Vinay B.'s profile image
Vinay B.'s profile image
Vinay B.
  • Member since Apr 10, 2019
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Vinay B.'s profile image
Vinay B.'s profile image
Vinay B.
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Vinay B.
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General Landlording & Rental Properties

Rental loss deduction

Vinay B.
Posted

Hi All, I moved to a new home and rented the one I lived until now. I am making 2200 a month against 2700 costs (p&I, taxes, HOA etc). thats 6000 a year in losses. is there any way I can claim deductions for this loss.

I was reading few blogs on rental income and looks like I cannot deduct these losses if my AGI is above 100K but is there a way, like forming an LLC and assuming loss for LLC or any thing?

Not sure if this matters but I now live in PA and the rental property is in NJ.

Thank You in advance

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