🚨 MFS Filers, Beware! 🚨

🏡 Own a Rental Property? Filing Married Filing Separately (MFS)? Your rental loss deduction could be severely limited—or even eliminated!

💰 Key Facts:

🔹 If you live with your spouse at any time during the year, rental losses are completely disallowed once your MAGI exceeds $50,000!

🔹 If you live separately all year, the loss deduction phases out between $50,000–$75,000—meaning no deduction above $75K!

🔹 Any disallowed losses carry forward to offset future rental income or be used when selling.

❗Tax Tip: Consider filing Married Filing Jointly (MFJ) if you want to deduct up to $25,000 in rental losses (phased out for incomes above $150K).

Questions? DM or see Instructions for Form 8582

🏡 Own a Rental Property? Filing Married Filing Separately (MFS)? Your rental loss deduction could be severely limited—or even eliminated!

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