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1020 - Everything You Need To Know About Tracking Passive Losses Using Form 8582 by Brandon Hall

1020 - Everything You Need To Know About Tracking Passive Losses Using Form 8582 by Brandon Hall

FromBiggerPockets Daily


1020 - Everything You Need To Know About Tracking Passive Losses Using Form 8582 by Brandon Hall

FromBiggerPockets Daily

ratings:
Length:
10 minutes
Released:
Jul 31, 2023
Format:
Podcast episode

Description

Passive activity loss rules are complex. These rules prevent you from using tax losses from your rentals to offset your active income. A foundational understanding of the rules will save you thousands of tax dollars over your investing career. 
And knowing how to review your tax return to ensure these rules were successfully applied is an investor superpower.
For instance, if you opened your tax returns, can you find the amount of suspended passive losses carried forward to next year? And can you easily determine if the losses from one rental offset the income from another passive activity you own?
Knowing the amount of suspended passive losses you are carrying forward is critical to decision-making around buying and selling rentals. 
Unfortunately, few investors know how to monitor this information. In this article, I will tell you about the passive activity rules and how to track suspended tax losses from your rentals.
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Released:
Jul 31, 2023
Format:
Podcast episode

Titles in the series (100)

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