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.
Rental income is considered passive income for the passive-loss rules limitation. This is true except for qualified real estate professionals. If your rental income is more than your expenses, youâll report the income. However, if your rental income is less than your expenses, you must consult special rules.