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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.
A rental property can generate âtaxable lossesâ that can be used to reduce your normal salary income. Tips & Advice / story / By ProfessorBaron.com on 3 Mar 2014. A rental property can generate âtaxable lossesâ that can be used to reduce your normal salary income, hence the federal income taxes you pay.here are also limits on how much of a loss on rental property any particular taxpayer can use to âshieldâ their income. These limits are called Passive Activity Loss Limitations. If your losses are over $25,000 and/or your Adjusted Gross Income is over $100,000, you may not be able to use all of the losses.