Annie Jaffrey. https://www.youtube.com/user/AnnieJaffrey. I love her. She's become one of my favorite gurus she's very sweet and very genuine. She covers a lot of topics from weight loss to the usual.
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.
1 Your depreciation deduction for the first year is based on the mid-month convention, in which you can deduct only half of the first month s depreciation. 2  If you begin renting a property on July 3rd, you can deduct 5 months of depreciation for the first year not the full six months that the rental was operating.