Carl Graff
Passive Loss Carry Over Reduce IRA distributions
OK just found out we (my wife and I) have about 65K in passive loss carry over going forward. So being retired with 2 rental incomes that break even or only generate a little income we will not be able to apply much i...
Seidy Lasker
Do state rental losses reduce diff. State income?
If you have a rental loss for a property lets say in California but live in New York but have no other income in California, could the loss reduce NY income or it stays with the state where the property is located?
Jeremy Keone
$52k loss on schedule E. But only reduce my WG-2 by $6k???
Schedule E shows $52k in losses for 6 properties. Due to mortgage interest, depreciation, repairs, supplies, maint fee, etc. But allof that only reduced my earn income by $6k. Sounds like I’m doing something wrong. Th...
Roy Pinkley
Military Seeking Advice on Primary Residence After Owning a Year to Reduce Loss
Hi BP family, we are a military family who moved to New Braunfels, TX and purchase our primary residence in April 2022 with the plan to stay for at least another 4 years. However, as our luck would have it, I receive...
Johnny Smith
Best way to take advantage of tax losses when you make over 150.
So i am hearing from a CPA that because my wife and I make over 150k per year, that I cant really take advantage of tax losses from my rental property. I can carry them forward, but it doesn't reduce my actual gross i...
Bradley Pitts
Rental Business: Active vs Passive Income
Hi,I think I understand the difference between active and passive income. Passive income applies to most small landlords/owners as they collect rent from tenants. This also applies to investors who collect interest or...
Sattir Bitti
What happens to Passive activity loss on 1031 exchange?
Hi,When 1031 exchange is performed, what happens to the Passive Activity loss on original property? We have considerable PAL and good equity on the original property, wondering what happens to this loss after the exch...
Derek McGillicuddy
Tax returns question
I’m looking for some advice. How much does one property reduce your state/federal income taxes? How much does 2 properties reduce it? I know this is a largely variable question, just looking for advice/ guidance, if i...
William C.
Education On Passing Through Tax Losses to Offset W-2 Income
I understand this has the potential to be a complex discussion and consulting with my CPA will ultimately be the thing to do, but I am very curious what other's are doing in this space, thus coming the forum. After re...
Keith Thompson
Deduction phase-out question.
Although I owed a duplex as a primary residence in the past, I'm just now getting into multi-families as investment vehicles- mostly buy and hold for cash flow. My income is moderate, but combined with my wife's we re...