henryclay
Senior Member
Joined: Feb 5, 2011 19:03:37 GMT -5
Posts: 3,685
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Post by henryclay on Apr 9, 2011 12:08:19 GMT -5
Yes, that's how it works . . . . . generally. So if your income is only from working and you have a typical single family rent house with modest rental expenses you are probably okay. But . . Rental income and expenses are passive actvities and there are limits on losses that can be claimed regardless of tax brackets. You might review this irs website. There are a couple of links on it to more detailed information. www.irs.gov/taxtopics/tc414.html
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