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Kathy, Both Buyer and Seller in Kalamazoo, MI

does anyone know if you can claim any losses on rental property in michigan if your income is over $150,000?

Asked by Kathy, Kalamazoo, MI Mon Mar 9, 2009

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I'll take a stab. I believe you can only claim losses up to what you earned from the property. Example, you earned 10000 in rent for the year, losses and deductions are claimed up to 10000. Not exactly certain, but anything more is added on as the adjusted basis of the investment property when you sell it. Check with your tax preparer, they would know for sure.
0 votes Thank Flag Link Sat Sep 12, 2009
Kathy,

It would be wise for you to ask your tax preparer or a financial professional this question. I think it depends on how your rentals are set-up (i.e. if it is a business, etc.). Please keep us posted on what you learn for our benefit, if you would.

Thanks
Derek Bauer
Web Reference: http://www.DoorToDreams.com
0 votes Thank Flag Link Mon Mar 9, 2009
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