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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.
For information on income from these rentals, or from renting at an amount less than the fair market value, refer to Topic 415. If you do not use the rental property as a home and you are renting to make a profit, your deductible rental expenses can be more than your gross rental income, subject to certain limits.xamples of expenses that you may deduct from your total rental income include: 1  Depreciation â Allowances for exhaustion, wear and tear (including obsolescence) of property. 2  You begin to depreciate your rental property when you place it in service.