My client's income is over $200K. If he puts his rental properties under LLC, will he be able to deduct his rental losses? Is there a better way to be able to deduct the losses?
This discussion has been locked. No new contributions can be made. You may start a new discussion here
Putting in an LLC does not change the passive classification.
Only way to deduct losses:
Have passive income from other sources
Sell the property
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.