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Reply to "Loss Deduction and over 150,000 AGI"
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[quote=Anonymous][quote=Anonymous]Hi We were finally getting to our taxes and we just realized that we cannot deduct any losses if our income is over $150,000. My husband and I are reading the IRS website and getting different meaning to what is read. He thinks we cannot deduct passive losses at any situation and I am reading that we can deduct our loses as long as we have passive income. 2013 we just moved to a new house at teh end of the year (December) and no tenants. I just got tenants in teh property in March 2014. Can someone please clarify. THanks so much![/quote] If you didn't have tenants until March 2014, the property wasn't considered a rental property in 2013. How would you be able to deduct passive losses related to rental activity, if the house was not rented in 2013?[/quote]
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