User talk:Wjalverson
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all is forgiven
we are all pulling our hair out today.
Schedule A vs E for property taxes
Your answer to my question below was interesting. I have spoken with a number of respresentatives from the IRS on this subject also getting numberous answers. One was very interesting, stating that you are not required to deduct all of your rental expenses on schedule E. Your statement of including and deducting passive losses up to passive income amounts, then claiming the mortgage interest and expenses on schedule A make sense. You have included deductions to offset the rental income, however the client still have mortgage interest and taxes that should be allowed on schedule A.
Did the IRS challege you on this issue? What was the outcome of the challege.
Thanks,
RPK
I am interested in knowing if you have someone with rental property that he has rented out for 10 months out the year and filing an schedule E for the rental. He has reached his $25,000 passive rental loss limit before claiming the property's real estate taxes paid. Can we still claim his Real Estate property taxes for this property on schedule A to get the full tax deduction in the current year rather that waiting for the preceeding years.
Thanks,
RPK
Rental property taxes on schedule A or E
Did your client use the property for more than 14 days or 10% of total rental days? How did you argue your determination to move the interest and taxes deduction to schedule A?
Thanks,
RPK
