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Posts: 11
Reply with quote  #1 
Was wondering if your deductions on rental prop only apply against on your rental income ?

Lets say you collected 12,000.00 in rent, with depreciation, interest, hoa fees, insurance, property taxes, repairs etc. that figure came to 15,000.00 can that extra 3,000.00 over and above the rental income be deducted from your other income for the year ? (work earnings etc.)

Posts: 153
Reply with quote  #2 
I'm not a practicing tax specialist so don't take this as professional advice. 

It depends on your personal situation. 

Generally speaking, if your rental property is a passive loss generator, then you can only deduct those losses against other passive income - not W2 earnings. If you or your spouse are deemed to be active participants, then you can deduct up to $25,000 in losses against other, non-passive income. 

Any passive losses become "suspended" until they can be used to offset passive income or you dispose of the property.

Keep excellent records so you don't miss out on a Passive Loss Carryover!  That's one of the most commonly missed landlord tax deductions.

Here's a list of a few more commonly missed rental property tax deductions for reference.

AccidentalRental - A profitable resource for new landlords


Posts: 475
Reply with quote  #3 
I think AccidentalRental is right. This is why I always use an actual tax professional/CPA. They will know everything I am and am not eligible for. They are more than worth their fee.
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