Updated over 16 years ago on . Most recent reply
Rental Property Tax Question ...
Hello all.
I have a question that may not be able to be answered here, but I will try anyway.
I own a number of properties that have been purchased within the last 2 years. The problem (and may not be a problem for many) is that my AGI is 260k year. I am not able to reap any of the rewards from the deductions from the rental properties. Now I am by no means a "Real Estate Pro" and would not be able to convince the IRS that I am, nor would I. Is there anyway that anyone on here has been able to get around this issue? I beleive this was done in 1986 or so for the sole purpose of people using real estate as a tax shelter. If anyone has any creative, legal ideas, please contact me. Thank You.
Most Popular Reply
Yes you must take depreciation.
As John said; "good rentals don't produce losses". I could not agree more. Heck if I wanted "write offs" I'd give more to charity.
Frank