25K Deduction Limit On Rentals?
I purchased 6 foreclosures last year and have probably about 60k into repairs etc.
When I was doing my taxes last night through turbotax online, it said something about a 25k limit due to some people having rentals just as write offs..
Is this true? Maybe If so maybe I can defer some stuff the following year?
Thanks!
---Mike
When I was doing my taxes last night through turbotax online, it said something about a 25k limit due to some people having rentals just as write offs..
Is this true? Maybe If so maybe I can defer some stuff the following year?
Thanks!
---Mike
Comments(0)
I would check to see if you are a "real estate professional" That is what determines if you can write off real estate related expenses vs depreciating it over several years.
I would strongly suggest you consult the IRS pubs. I listed above. Generally when you renovate for rental, those costs MUST be capitalized, NOT immediately expensed. You will not get this information from Turbotax.