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re: Tax question for rental property
Posted on 4/5/16 at 7:42 am to FratAU
Posted on 4/5/16 at 7:42 am to FratAU
If your Modified AGI is less than $100,000 ($50,000 if MFS) then you will be able to deduct up to $25,000 in rental loss against ordinary income.
If your Modified AGI exceeds $100,000, then your loss is reduced by 50% of the amount that your MAGI exceeds $100,000.
Ex: 15,000 rental loss, $120,000 MAGI
120,000 - 100,000 = 20,000
20,000 x 50% = 10,000 reduction in rental loss
If your Modified AGI exceeds $100,000, then your loss is reduced by 50% of the amount that your MAGI exceeds $100,000.
Ex: 15,000 rental loss, $120,000 MAGI
120,000 - 100,000 = 20,000
20,000 x 50% = 10,000 reduction in rental loss
This post was edited on 4/5/16 at 7:44 am
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