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.
You generally depreciate the cost of business property that has a useful life of more than a year, but gradually wears out, or loses its value due to wear and tear, weather damage, etc. To figure out the depreciation on your rental property: 1  Determine your cost or other tax basis for the property.2  Allocate that cost to the different types of property included in your rental (such as land, buildings, so on).ou're allowed to reduce your rental income by subtracting expenses that you incur to get your property ready to rent, and then to maintain it as a rental. You report rental income and expenses on Schedule E, Supplemental Income and Loss. Schedule E is then filed with your Form 1040.