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Rental Property Deduction for High Income

gp0730
Level 1

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?

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2 Comments 2
sjrcpa
Level 15

Putting in an LLC does not change the passive classification.

Only way to deduct losses:

Have passive income from other sources

Sell the property

The more I know, the more I don't know.
Just-Lisa-Now-
Level 15
Level 15
or make less income.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪