I own significant number of rental properties and earn income on them. My wife and I earn W-2 income. I am working on becoming Real Estate Professional (Broker) this year. As a real estate professional Can I offset Losses on my real estate properties against my spouses W-2 income? I have accumulated passive losses from past 3 years that is currently can not be offset against my W-2 income or my wife's W-2 income, as I am not a real estate professional yet.
Thanks.