If your spouse meets all three tests, having them qualify as a real estate professional makes your rental losses fully deductible on a jointly filed tax return. 1.

From my research it appears that I cannot use the Qualified Joint Venture to form a single member LLC for husband+wife, because I live in NC which is not a community property state.1.

- If LLC isn't the best route, what other things would we have to do to ensure a successful partnership (e.g. joint bank account, partnership agreement, etc.)If you have any advice beyond these points that would be much appreciated!

It's mentally and physically exhausting but it doesn't tear up your joints. 

I have read several threads on this, but I am a newbie and still a bit confused.We are married filing jointly with an income close to 150k last year.

There doesn't seem to be another option. 3) Do my spouse and I have to file two separate NPT returns for the rental income as we are joint federal filers?

This can reduce your taxable income for the year.Carrying Forward Unused Losses: If your total capital losses exceed your total capital gains plus the allowable deduction against other income (currently up to $3,000 for individuals or $6,000 for married couples filing jointly), you can carry forward the unused portion of your capital losses to future tax years.Regarding your question about deferring capital losses into 2023 and using them to offset capital gains in that year, yes, you can typically carry forward unused capital losses from previous years and use them in future years, even if you had capital gains in those previous years.So, if you choose not to use all of your capital losses from 2022 to offset your income in that year, you can carry forward the remaining losses to 2023 and use them to offset capital gains you expect to have in that year.

If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.

Quick searches include terms like Joint Venture and Contractual Agreement.

I will then find another investor and buy the property as a joint venture under these terms.