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.
With all of these write-offs, it is very possible for you to post a taxable loss on your rental property, even if you have cash flow left over. The IRS allows you to claim up to $25,000 of these passive losses against your other income as long as your Adjusted Gross Income is $100,000 or less.f you think home ownership gives you good tax write offs, you will love your rental property. The IRS not only lets you write off almost every penny you spend on your rental, but also lets you write off extra money in the guise of depreciation.