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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.
This technique will not workâ¦any loss generated by a property you rent to your self is deemed to be passive. If you have OTHER passive income, then this might be helpful. The IRS regulation on self-rental provides that when a taxpayer rents property to his or her own business, the rental profit is not treated as passive activity income. This means it can not be used to offset passive activity losses. But if a loss is generated, it is a PASSIVE loss. Check out the following link on this topic: