currently have 4 rental properties, in tx. income levels are above the $150k limit,
any advice on how to file taxes to escape the passive income limitations.
I assume that you have a loss.
The only way around the limitation is if the business can be considered ‘active income’ as opposed to passive.
This usually means meeting the criteria to be considered a real estate professional: spend more than 50% of your time in the real estate business AND more than 750 hours per year. And since each rental property is considered a separate business, this means more than 750 hours per rental property. Since you have only 4 rentals and apparently a full-time job, you probably don’t qualify (unless you happen to be a realtor, etc).
Please note that the loss is not…uhm…“lost.” It will be released when you have passive income to offset it in future years, if your income falls below the threshold, or when you sell the property.