Deductions

[Ganesh Rao]

Any one have experience with deducting rental expenses against ordinary income (not just rental income). I know there are rules regarding active versus passive investing and there is a cap (MAGI) but if one is over the cap, can nothing be deducted?

[Daniel Hyman]

@Ganesh Rao

All good answers here. I would add that even if MAGI is over 150k and you have a passive loss on schedule E, you don't lose the loss. It goes on form 8582 and is carried forward to future years until it can offset net rental income or to offset gain of a sale of rental property.

BTW, its nice to see a Bellaire poster. I'm from Meyerland originally.

Good luck!