Hello All,

I am a Real Estate Professional (licensed and in practice for 5 consecutive years now); it is my classification on my Tax Returns and my profession.

I own a rental property on my PERSONAL name in which I tend to for management monthly. I'm also a full time property manager to boot for other properties.

Annually, my rental property results in several thousand$ in losses annually via Rental Income Vs. Liabilities = N.O.L. from Real Estate

My Question:

#1 - Having prefaced the above, am I able to utilize the annual loss (NOL) from my rental property on my personal name AGAINST my ORDINARY INCOME that I receive via a K-1 from my LLC?

#2 - If I am able to use my rental losses against my ordinary income via my K-1 from my LLC, can I carry forward any unused losses? - And if "Yes" how many years?

Thank you all in advance for the time taken in reviewing this question and replying.

David