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.
Your business can only deduct the house's annual depreciation from wear and tear. You need to figure out your original cost basis before you can calculate your annual depreciation deduction. For a rental home, this is the original purchase price of the house plus your closing costs for buying the property.However, it does not include the value of the property's land, so you need to separate the value of your land from the value of the house.our business can only deduct the house's annual depreciation from wear and tear. You need to figure out your original cost basis before you can calculate your annual depreciation deduction. For a rental home, this is the original purchase price of the house plus your closing costs for buying the property.