Poor Tenant Screening = High Risk of Rent Loss & Property DamageGood property management starts with tenant screening.

It's not for everyone, but it has its place and if you're already solid with your financials, it's a good addition to get your mortgage paid off QUICKLY.

Given the fact that if  there is a gain a future year the prior year loss can offset it, it seems that one would want to file the loss so they can offset that gain.

It's in these scenarios where the wisdom of cutting losses comes into play.

If your wife can meet the 750-hour and material participation requirements, rental losses could offset W-2 and business income, significantly reducing taxes.

You can open these accounts for free with various financial institutions. 

They are expensive, but may be cheaper than the $60-100k loss you're projecting.https://en.wikipedia.org/wiki/Active_noise_control

The loss of priceless art, jewelry, autos, memorabilia and watches could often match or exceed the property values.

Keep going, keep asking questions, and keep stacking knowledge—because the more you know, the faster you grow.Disclaimer: I am a licensed real estate broker associate in Florida, but I am not a CPA, tax professional, or financial advisor.

Cash for Keys is a method used by landlords and property managers to encourage a tenant to vacate voluntarily in exchange for a financial incentive.