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Submitted By: someone
Answered: February 6, 2018 8:59 pm
Answered: February 6, 2018 8:59 pm
I own rental property. Have the passive activity loss rules been changed by recent tax legislation?
The Tax Cuts and Jobs Act of 2017 did not make any direct changes to the passive activity loss rules. Those with rental real estate and income below a set amount may still be able to deduct up to $25,000 of rental losses annually.
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Tax Glossary
Capital gain or loss
The difference between amount realized and adjusted basis on the sale or exchange of capital assets. Long-term capital gains are taxed favorably. Capital losses are deducted first against capital gains, and then again up to $3,000 of other income.
