Deduct losses
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Deduct losses (by Alex [MD]) Oct 27, 2009 8:48 AM
       Deduct losses (by James [MA]) Oct 27, 2009 8:56 AM
       Deduct losses (by MrRational [MD]) Oct 27, 2009 10:03 AM
       Deduct losses (by Echo [GA]) Oct 27, 2009 10:55 AM
       Deduct losses (by DJ [MA]) Oct 27, 2009 11:40 AM
       Deduct losses (by Alex [MD]) Oct 27, 2009 12:11 PM
       Deduct losses (by p m h [TX]) Oct 28, 2009 4:38 PM

Deduct losses (by Alex [MD]) Posted on: Oct 27, 2009 8:48 AM
Message:

State Specific Question About: MARYLAND (MD)

Hi,

I have couple of rental properties which currently generate losses (because of depreciation etc).

My accountant is telling me that I cannot deduct losses from my income because I make more then 150k at my day job. Thus I cannot take advantages of losses I have on my rental properties.

Any suggestion how I can put this losses to good use to decrease my taxes ?

I am open to any suggestions (forming LLC or what ever).

Thanks in advance for your help, Alexi

--72.81.xxx.xxx



Deduct losses (by James [MA]) Posted on: Oct 27, 2009 8:56 AM
Message:

They will lower your capital gains taxes when you sell the property. The loss isn't gone. It's just suspended. --204.155.xx.xxx



Deduct losses (by MrRational [MD]) Posted on: Oct 27, 2009 10:03 AM
Message:

would you rather earn less so you can take a deeper deduction? ;)

as james said... it all comes out in the wash (eventually)

maybe your son or daughter will want to own the next two or three properties you want to buy?

--65.127.xxx.xxx



Deduct losses (by Echo [GA]) Posted on: Oct 27, 2009 10:55 AM
Message:

Like said above it is suspended. Either when you go to sell or when your income dips below 150K. The only think I can tell you that might lower your income is, are you taking advantage of all retirement plan options? Sometimes that will lower your AGI. --98.94.x.xxx



Deduct losses (by DJ [MA]) Posted on: Oct 27, 2009 11:40 AM
Message:

Phase out starts at 100K. Any other ways to lower your w2 income? --205.156.xx.xxx



Deduct losses (by Alex [MD]) Posted on: Oct 27, 2009 12:11 PM
Message:

Thanks all for responses. It make sense and help a lot --72.81.xxx.xxx



Deduct losses (by p m h [TX]) Posted on: Oct 28, 2009 4:38 PM
Message:

max out 401k. max out IRA. then see if you can defer some day job income. --68.191.xxx.x



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