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Depreciation deductions on other personal income
Can I use depreciation deductions from a rental property to offset income from my day-to-day job?
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Eamonn McElroy
#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
#5 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- Atlanta, GA
"Dave, to be clear, do you mean that, if you earn a total of $150K (rental income, "day job" income, etc.) you no longer qualify for the passive loss allowance? Or do you mean that the allowance disappears if you have a rental income of $150K?"
MAGI = the former.
"Any chance you could point me to where this can be found in IRS code?"
IRC Sec 469(i). Take it with a warm glass of milk late at night...