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Must itemize to claim rental losses on schedule E?
Hello BP community. I have 2 rental properties. One shows profit, and the other shows a loss. My accountant says that I can't deduct the losses because the "standard deduction" is higher than my losses. So there is no reason to include the loss property on my schedule E. Is this correct or do I need to find a new accountant?
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@Joel Trout
By way of background, I am a cpa ( a partner at a large firm nonetheless), and I also hold an MST (master of science in tax). I am not just spitballing here, you are getting bad advice.