i recently closed into a property which I bought from another investor who got it through a tax deed sale.

Can a qualified real estate professional with a W-2 income above $150,000 be allowed to write off rental losses on my tax returns?

Obviously I want to minimize my taxes here.

I got sick and tired of paying outrageous taxes so I did some research and found Tax Free Wealth by Tom Wheelwright.

Calculate the expected cash flow after accounting for mortgage payments, property taxes, insurance, maintenance, vacancies, property management, and other expenses.

Lets say its a $400k property and you owe $350k.

You'll net around $150k and that will be tax free.

• Short term rental of one's own primary residence only• Not able to rent a room or primary residence for more than 120 days a year, or apply for extended home-sharing• Extended home-sharing would be granted if additional criteria are met (see above)• Possession of a Transient Occupancy (Tax) Registration Certificate from Office of Finance• Not located in a unit subject to the Rent Stabilization Ordinance (RSO)• Approval from landlord (if a tenant)• Home-Sharing takes place in area approved for residential useHere is the document - https://planning.lacity.org/or...I would give them a call and see what they say.

The Pro-Rata rule applies if your Traditional IRA contains both pre-tax and after-tax contributions.

I owe $412,000 on my home and could get $1.2-1.3M for it right now.