Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-19-2015, 07:48 PM
Junior Member
 
Join Date: Feb 2015
Posts: 1
Agi>$150k

With an AGI> $150K, is it true that I lose my ability to deduct my interest, taxes, and depreciation for a rental property? If it is true, is there any way around it?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-20-2015, 04:13 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
Quote:
Originally Posted by CVH3 View Post
With an AGI> $150K, is it true that I lose my ability to deduct my interest, taxes, and depreciation for a rental property? If it is true, is there any way around it?
no not true; I think the person who told you about the $150K was referring to the Schedule A and if you're subject to AMT. All of those expenses are deductible on a rental property. You'll need to complete a Sch E; these don't go on a Sch A, that's where your personal residence home expenses go. If you did actively participate, as of 2014, you are able to deduct up to $25k in passive loss from non-passive income, such as wages from your job.but, The full $25k deduction of passive loss from non-passive income is only available to taxpayers with a modified adjusted gross income of $100k or less ($50k or less if married filing separately). It phases out above $100k and ends entirely for earners with incomes of $150k and above.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning