Updated over 4 years ago on . Most recent reply
Tax Deductions: Second Property
Hi All. As many of you, it is that time of the year where taxes are due and I am searching for insight on how I can take deductions for a second rental property. According to my tax person, since our income was over a specific mark (150K) and since I am not an investor, I cannot take deductions for a second rental property. Any thoughts?
What do I need to do to classify as an real estate investor etc....? I am trying to account for over 7k of repairs on the second property.
Thank you All!