All Forum Posts by: Paul Allen

Yes.  Any unused passive losses from 2018 will be carried forward to future tax years until they can be used. Or you sell the property. Or you hit your expiration date (what we financial planners tactfully call end of plan). 

MAGI below of $100,000 you can deduct up to $25,000 of passive (rental) losses against other income.

MAGI above $150,000 and all passive losses are suspended - meaning you carry them forward to future years.

MAGI between $100,000 and $150,000 you are pro-rated on a straight line. For every $2 of income over $100,000 you lose $1 off the amount (up to $25,000) of passive losses that can be deducted against other income. 

I can learn the rules of footie/soccer by reading the FIFA's Laws of the Game

I am unlikely to perform well on game day unless I have a coach who knows strategy.

Best of Luck on Your Real Estate Investing!

Until you die, sell the property, or use them against passive income.

In your scenario, your building and your HVAC are separate depreciable items. They depreciate for 27.5 years from the date they are placed in service. They were placed in service on different dates, so they each get a separate line on your depreciation schedule.

27.5 years assumes they are residential real properties, BTW. Commercial real properties have different timelines (and under the new tax laws, different rules!)

Welcome to BP!  Best of Luck with Your Real Estate Investing!

Three posts for the High AGIs with suspended passive losses

Seven for the section 8s with their slums of gold

Nine for the depreciators, doomed to recapture tax crosses

One post for the new guys, where all knowledge is rolled

One post to rule them all, One post to find them

One post to bring them all, and onto BP bind them

[/Extreme Nerdliness] #longdayatataxconference

 I like Wave's interface and I recommend it to clients who have small businesses or one or two rentals, but it just seems like the chart of accounts would get messy having the address in every income and expense line when you have 3 or more properties:

Main St Rent

Maple St Rent

Adams St. Rent

etc.

Reporting for individual properties also seemed problematic. 

Mind if I check back in a month or two to see if you are sticking with it and what your solutions are for some of those issues?

 Last time I checked on Wave it did not allow sub-categories or classes. How are you differentiating between properties when you record income and expenses?

1) Only if you want to a) comply with the law and b) not pay more in taxes than you are required.

2) https://www.biggerpockets.com/renewsblog/2014/09/11/yes-you-can-write-off-your-depreciation-heres-how/

What you want can be so simply stated it seems like there should be a simple answer for it. Unfortunately, this is almost never the case with financial planning. People's lives are unique. Off-the-rack advice might work, but it does more harm than good often enough that I no longer engage in it.

Absent any other information I would be planning for you to need money for another 30+ years. How your 401K fits into meeting your financial objectives during that time would depend on a wide variety of variables. Planning with a trained and objective third party might be beneficial in maximizing the efficient and effective use of your money.

To paraphrase Eisenhower: A plan is nearly worthless, but the planning process is invaluable.

Have fun in your retirement!