 Limited Rental Loss (by P Barnes [OK]) May 27, 2018 1:15 PM
 Limited Rental Loss (by fred [CA]) May 27, 2018 1:40 PM
Limited Rental Loss (by P Barnes [OK]) May 27, 2018 2:10 PM
Limited Rental Loss (by JB [OR]) May 28, 2018 10:55 PM
Limited Rental Loss (by P Barnes [OK]) Posted on: May 27, 2018 1:15 PM
Message:
Landlord received $150,000 this year. Had an actual rental loss of $45,000. Rental losses were trimmed by TurboTax to $25000. We materially participate in renting the properties; like, showing properties, selecting the new tenants, maintains the repairs for the property, insurance, and taxes.
Some advise there is no provision for allowing the entire amount of the rental loss if there is active participation.
Others say limitation is $25,000. Please offer any advice.
Help is appreciated. Guess I will contact a CPA. Thank you. --174.66.xxx.xx |
Limited Rental Loss (by fred [CA]) Posted on: May 27, 2018 1:40 PM
Message:
You need professional help from a CPA.
What info you wrote here is not enough to give an answer.
When it comes to taxes, it's easy to accumulate penalties and interest, so get it done right and get it done quickly. --99.59.x.xxx |
Limited Rental Loss (by P Barnes [OK]) Posted on: May 27, 2018 2:10 PM
Message:
Thank ALL of you for your responses!!
Fred in California, thanks and I know you are correct!! --174.66.xxx.xx |
Limited Rental Loss (by JB [OR]) Posted on: May 28, 2018 10:55 PM
Message:
Your loss is limited to $25.000 per year.
The exception is for more extreme circumstances regarding agents and those generally working full-time only on those rentals. Pretty strict guidelines and not easy to reach. --50.45.xxx.xxx |
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