Annie Jaffrey. https://www.youtube.com/user/AnnieJaffrey. I love her. She's become one of my favorite gurus she's very sweet and very genuine. She covers a lot of topics from weight loss to the usual.
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.
If a taxpayer's passive losses are limited in the current year, the losses can be carried forward until the passive loss is used or until the activity that generated the passive loss is sold or otherwise disposed. TaxSlayer Pro will automatically carryover any unused passive loss until used. There are two kinds of passive activities. 1  Trade or business activities in which the taxpayer did not materially participate during the year. 2  Rental activities, even if the taxpayer materially participate in them, unless the taxpayer is a real estate professional.