Anybody on tonight? Have a client bugging me at home. My mind's gone to mush in the off season, and my resourses are at the office. What's the AGI below which you can deduct up to $25,000 in losses on rental real estate? Is it all or nothing, or does it phase out? I just can't picture it without a return in front of me. Thanx.
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form 8582
It is a phase out between $100,000 and $150,000
I double checked on the rules by doing a search for 'Form 8582' and it's easy to bring up the form and its instructions, should you want to check the calculation. -
Thank you
Thank you very much, Abby. The brain is starting to wake up now; although, it's 10:15, so I guess it'll go back to sleep soon. I know I sound lazy, but I hesitate to open forms on my old home computer that doesn't like .pdf files and freezes. But, thank you for reminding me of the form number; I'll try it now. Again, thanks for your help.Comment
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You're welcome
Ah, yes - I do take the spiffy new computer speed for granted now.
And I want to thank you - I graduated to full Member on this question!Comment
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Congratulations
Congratulations, Abby!
I'm getting close to Senior Member, I think. Is it 100 postings, does anyone know for sure?Comment
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Member Status
Congratulations Abby, and yes Lion Senior Member is 100. So both of you keep posting.
Abby, or Lion, if you are cruising around, would you go back and take a look at the posting I did regarding the LLC Husband and Wife. I posted more information and as usual you never have the full picture, until you keep asking questions.
So now that problem has changed from a LLC to a LLC with S Corp election regarding rental real estate.
Thanks,
SandyComment
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Thank You
Thank you, Sandy, for all your help. I did post on your LLC/S-Corp question. I'd try to clear it up before year end with the IRS if possible to avoid having to file as an S-Corp., especially if you have to wait 60 months to change entities. Does the 60 months apply after the first election? Let us know how it all works out.Comment
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