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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.
The passive activity loss rules created a special category of income and loss called passive income or loss. There are two types of passive income or loss. Passive income or loss comes from: businesses in which you donât materially participate, and; all rental properties you own.