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Tax, SDIRAs & Cost Segregation
Todd Kozak's profile image
  • Investor
  • from Saint Louis
  • Member since Feb 15, 2020

User Stats

53
Posts
18
Votes
Todd Kozak's profile image
  • Investor
  • from Saint Louis
  • Member since Feb 15, 2020
Todd Kozak
  • Investor
  • Saint Louis
18
Votes |
53
Posts

Previous year passive losses offsetted by current year passive income?

Todd Kozak
  • Investor
  • Saint Louis
Posted Sep 6 2023, 17:43

Hello my fellow investors!

I had losses on my rentals last year as passive losses (I'm not a professional real estate agent).
I make $150k so cannot use them to offset my capital gains. 
This year if I have gains on my rentals (passive income) can I use my former year passive losses to offset this years passive income and therefore not pay taxes on this years rental income?

Example:  

$10k losses last year on passive income rentals.   Could not use that to offset taxable income from my full-time job.  

$10k profit this year on passive income rentals. Instead of paying taxes on this $10k, can it be offsetted due to last years losses?

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