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Updated about 14 years ago on .
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Should I try to minimize losses if I phase out for most of them anyway?
I have a loss on a single rental property of about $3,500. Because my MAGI is $150k the loss is phased and I am not able to reduce my income by the loss. If that's the case should I not include all of the expenses that I can deduct i.e. mileage and other repairs? the reason I believe I would want to is because showing less of a loss for the property on my taxes might help my debt to income ratio when trying to get future loans.
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That's what I hear too Steven. The CPA plans the strategy, oversees the accounting process, and classifies the expenses and deductions so the EA can put the numbers on the return. :wink: