When I rented it previously, I was not sure how TaxAct treated it. However, I did answer the question "Do you actively manage the property?", in the affirmative.That means if your AGI is low enough (as in under $100K), you can deduct up to $25k of losses from this rental against other kinds of income. Its a special flavor of passive activities - passive, but you can use some of the loss. Perhaps you can call it "actively passive". ;-)If you do not actively manage the property, then its a fully passive activity, and you cannot deduct any loss unless you have passive income (or dispose of the property).--Peter
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra