Previous year passive losses offsetted by current year passive income?
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?
$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?