All Forum Posts by: Som Jafari

@Account Closed hi Zach do you know under what circumstances you can use losses to offset your W-2 income? as far as I know you can only use them to offset income if you’re at real estate professional. Otherwise, all of your losses will be carried over to the next year or will be applied when you decide to sell the house.

Sadly I’m madly in love with my wife, so I have to go a different route:))

Can you please give me an idea of how those loses can be used in the future? 

I have two units. Incomes are 27,600$ and 24,120$. After repairs and depreciation they come out to-3,724 and-32,362.

@jd 

@JD Martin can you please explain what you mean by loses can carry forward to offset passive rental income the following year?

I have two rental units. My income was 27,600$ on one and 24,120$ on the other. Minus expenses and depreciation, one came in at -3724$ and the other-32,362$. How do these numbers carry to the following year? What are they dedicated from?

@Michael Plaks I have the same issue. My wife and I joint W2 income is above $150,000 and I can’t write off any repairs and improvements. Other than increasing our 401k contributions to lower our income below 150k, is there anything else we can do?

Hi everyone, I filled my taxes jointly for the first time.

Tax guy said I can't write off any repairs/upgrades because my wife and I W2 income is over $150,000.

Is this correct?!