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Real Estate
Reply to "WWYD? Rent out townhousevor unload it. "
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[quote=Anonymous]Wrong you cant deduct up to 3k on a rental loss. Its very simple, if you make over 150 k like the op you cant deduct any losses. The op would have to claim a ptofit if there was one but considering taking depreciation is mandatory for a rental it is very unlikely the op would make any profit. You are confusing the 3k capital loss rule. Rental property is considered a passive activity which the irs considers a tax shelter. Again after making 150k in agi, you cant deduct any rental passive loss off your taxes. Dont believe me use google.[/quote]
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