| Tax Tip 2008-02-29, 9:25 pm |
| The tax loss you can claim on your rental property totally depends on
how much money you make, and whether or not your rental activity is
considered a passive activity.
For the majority of real estate investors, rental income is passive
income. As a result:
You can deduct up to $25,000 of rental losses on your tax return. If
your adjusted gross income is between $100,000 and $150,000, you can
deduct up to ($150,000 - Your Income)/2.
If your losses exceed the limit, they can be carried forward for up to
15 years. To learn more about deductible loss and how it affects your
Schedule E, take a look at RealTaxTips.com
( http://www.realtaxtips.com ) . You can keep more money in your
pockets by taking full advantage of tax deductions available for real
estate investments.
Niman Singh
Community Relations Director TReXGlobal.com
http://www.trexglobal.com
Simple FREE to Use Web Tools for Real Estate Investors
PS: Please let me know any tax topic that you would like covered
|