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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
Home equity debt
Debt secured by a principal residence or second home to the extent of the excess of fair market value over acquisition debt. An interest deduction is generally allowed for home equity debt up to $100,000 ($50,000 if married filing separately).
