Is there anyway to remove the rental loss limitation and phase-out as your AGI approaches $150k? Last year I had sufficient AGI that I was unable to claim all rental property losses. Fortunately/unfortunately this year’s AGI will be greater than $150k, thus no ability to claim rental property losses. Any thoughts from the tax professionals on this situation?
If you spend 50% of your time and at least 750 per year materially participating in real estate ventures you can take the designation “real estate professional” and remove the loss limitation.
Otherwise, remember the the losses are suspended, not lost. You can use suspended losses to offset future income from that activity or claim all suspended losses when the property is sold.