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You cannot deduct passive losses if you do not have any net income from your property rental for the tax year. Passive losses cannot reduce your income from wages, but you can defer the losses to future tax years or deduct any losses carried forward when selling the rental house that generated the loss.
Leave a comment. Albert Sullivan, CPA Typically condo fees are not deductible for the homeowner because fees usually are for maintenance of common areas. If you rent the property you can deduct condo fees or if the fees contact a property tax component you can also deduct that portion that represents property taxes.Victor. This is from the IRS Gov site.eave a comment. Albert Sullivan, CPA Typically condo fees are not deductible for the homeowner because fees usually are for maintenance of common areas. If you rent the property you can deduct condo fees or if the fees contact a property tax component you can also deduct that portion that represents property taxes.