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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Homebuyer228, Home Buyer, Michigan
Sat Sep 12, 2009
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.
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Derek Bauer, Agent, South Lyon, MI
Mon Mar 9, 2009

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.

Derek Bauer
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