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Real Estate
Reply to "WWYD? Rent out townhousevor unload it. "
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[quote=Anonymous][quote=Anonymous]You should be aware because you make more than 150k you will not be able to write off any of your rental loss on your taxes. The irs considers a rental loss a tax shelter. This goes for repairs, depreciation, whatever. The losses can only be used at the sale of the rental property. My advice is to sell if you can. Its not worth thw headache unless you think prices will double in a few years.[/quote] I don't think this is right. You can still deduct expenses like repair and maintenance against your rental income. There are limits to deducting losses from rental activity against your non-rental income, but I don't think it's correct to say you have to pay all the taxes and can't take any of the deductions. Anyone know who's right and who's wrong here? [/quote]
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