The tax treatment of income and expenses related to renting your residence or vacation home varies, depending on how many days the property is used for rental purposes as opposed to personal purposes. A residence with personal and rental use … [Read more...]
Tax Deductions: Real Estate Professionals and Rental Losses
In a previous post we explained that rental losses are generally considered passive, and may not be deductible against non-passive income. Most individuals can only deduct up to $25,000 of rental losses against non-passive income, and that amount … [Read more...]
Tax Deductions: Deduct up to $25,000 of Rental Real Estate Losses
Suppose you own a house which you rent out to tenants. The last few years you've made a profit on the rental. This year, the tenants left, and it took several months to replace them - months with no rents coming in. On top of that, utility costs were … [Read more...]