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Real Estate Pro Passive Loss Income Limit
Hello Bigger Pockets.
I can't find the answer to my entire question when I search.
I am a real estate professional
I had a loss on a rental property last year.
My income is over $150,000
Can I write off the loss this year or do I have to carry it over because my income is too high? I can see there is a real estate professional exception but I can't find anywhere that the income requirement doesn't still apply.
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Eric Peterson You can deduct passive losses against ordinary income without limits if you qualify as a real estate professional.