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Passive Activity Loss Carryover after Marriage?
Hello. I am a single real estate investor whose Modified Adjusted Gross Income (MAGI) is under $150,000. I have a $50,000 Passive Activity Loss Carryover (PALC) from previous years. I will be getting married later this year and the combined MAGI between my wife and I will be over $150,000. According to IRS Form 8582 Passive Activity Loss Limitations, I will no longer be able to claim the $50,000 PALC due to MAGI > $150,000.
Is there anything I can do to be able to claim the $50,000 PALC after marriage? I understand I will still be able to use this $50,000 PALC in the future if I sell one of my rental properties to offset profit (right?) - But I don't plan on selling anytime soon. Is there another way? Stay single? Lol