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MGC94
MGC94
Level 7
March 21, 2022
Question

Passive loss rental

  • March 21, 2022
  • 2 replies
  • 18 views

Can tax payer who actively participates take a passive loss on rental. He chooses tenant. Does all the repairs. Is not a realtor. Thanks

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2 replies

sjrcpa
sjrcpa
Level 15
March 21, 2022

He can deduct up to $25,000 losses depending on his modified AGI and filing status. Form 8582 shows the calculations.

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      MGC94
      MGC94Author
      Level 7
      March 23, 2022

      MFJ line 1 wages $133,201 line 4d pension $69,277 line 7 -$20,372. Total income $182,106 adjustment to income $250 AGI $181,856   

      rbynaker
      rbynaker
      Level 13
      March 23, 2022

      Sorry pal, no PAL. 🙂  AGI is over $150K so you're beyond the phase-out range.

      Isn't line 7 capital gains?  How did you get beyond the -$3K limit on losses?

      Rick

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