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Real Estate Loss to offset W2 wages for Tax purpose
Could we use real estate loss to offset W2 wages income tax? If yes, does the property need to under personal name? Or it works even if it is under a legal entity? Thanks
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Natalie Kolodij
Tax & Financial Services
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If your AGI is under $100k there is a small taxpayer exclusion where you can potentially utilize up to $25k of passive losses against ordinary income (W2)
It starts to phase out at $100k, goes way completely at $150k.
It can be from either a self owned, or rental in an entity.
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