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You cannot deduct passive losses if you do not have any net income from your property rental for the tax year. Passive losses cannot reduce your income from wages, but you can defer the losses to future tax years or deduct any losses carried forward when selling the rental house that generated the loss.
Form 8582 is used to calculate passive activity loss limitations and to keep track of rental losses that accumulate each year for each property. Tax Planning for Landlords Landlords occasionally make a small profit when the rental income is sufficient to pay the mortgage as well as property taxes, insurance, and repairs.