Deduction Limits - Posted by Kim

Real Estate Investing
1

Posted by Mark (SDCA) on March 15, 2001 at 13:46:20:

This phases out at an MAGI of 50,000 (married filing separately) or 100,000. See the instructions for Schedule E.

Mark

2

Deduction Limits - Posted by Kim

Posted by Kim on March 15, 2001 at 12:57:37:

If I buy house and rent it out, is the depreciation and mortgage interest deduction at tax time subject to a cap based on adjusted gross income? I know for standard deductions, if your income is over $1000,000 there are deduction caps. I just don’t know if this is also true for deductions related to rental income.

Thanks,

Kim

3

Re: Deduction Limits - Posted by Frederick Waller

Posted by Frederick Waller on March 15, 2001 at 13:36:20:

If you are a hands on property owner, you are allowed to deduct up to $25,000 of rental property losses against ordinary income

Fred