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Author: PuddinHead42 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 91  
Subject: passive income writeoffs Date: 12/1/2012 7:55 PM
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The IRS allows you to write off expenses and depreciation of a rental unit against income from that unit (and I would assume others). You can also write it off against "regular" income (e.g. salary) up to a point. Between $100k and $150K AGI it is phased out. After $150K AGI, you cannot write off against you "regular" income. BUT...if you had other passive income (e.g. another unit) you can off set it. So my question is, what other kinds of income can be offset? Can any distributions from REITs or MLPs be classified as passive and be offset by depreciation/expenses?

I know, I will need to check with a CPA soon, but any experience on this board?
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Author: LLRinCO Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 71 of 91
Subject: Re: passive income writeoffs Date: 12/1/2012 8:08 PM
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I wouldn't worry about it, all the tax laws are going to change and I promise - thanks to the people others elected - you will be paying more!

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Author: PuddinHead42 Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 73 of 91
Subject: Re: passive income writeoffs Date: 12/1/2012 11:06 PM
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http://fairmark.com/forum/read.php?2,20245
Passive income does not include investment income (portfolio income). The regulations state that passive income specifically does not include income from the following, including REITs. See section 1.469-2T(c)(3) below.

Of course.

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