All Forum Posts by: Johnny Smith

So i am hearing from a CPA that because my wife and I make over 150k per year, that I cant really take advantage of tax losses from my rental property. I can carry them forward, but it doesn't reduce my actual gross income. Apparently, even though i spend quite a bit of my actual time on this, because i get a w2 its considered passive income. Any advice on this? Whats the best way to reduce my tax bill? 

For context, I have a full time job as does my wife. I currently have one rental property that I bought this year, spent a large amount of time renovating it, and its now rented. It is a duplex and both units are currently rented.