If you have a stable job at the city that provides health insurance, you would be foolish, if not even irresponsible, to leave, especially with children.

But speaking from rental property experience, and talking A LOT with my tax accountant over the years to better understand this...I think you may be confusing your Schedule A deductions with Schedule E deductions.What you describe is basically correct for your Schedule A deductions, such as the mortgage interest and property taxes on your primary home or a second home.But rental property Income/Expenses are recorded on Schedule E, and are subject to Passive Activity rules.

Properties that have more long term stable value are less likely to drop as much in value.

@Chris E.

Jennifer Toomey is there a benefit to using venmo vs e-transfer to collect rent?

Basically putting all the losses you show in a bucket, and then in future years when your Schedule E is in the green, you get to start taking the deductions at that point right back out of the bucket?

They thought I was the biggest A*****E around... and they were right!

Refer to IRS schedule E.

I have long term stable income but without a lot of work involved.

Will I file a Schedule E for this property and get benefits like depreciation?