Talk of The Villages Florida - View Single Post - Big Tax Bill
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Old 07-04-2025, 06:32 AM
Cliff Fr Cliff Fr is offline
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Originally Posted by djmdawson View Post
Need info on new BBB in congress from Trump. Wife and I are in the 70's. This is the first year of both getting RMD's and this will push income up big time.

Is there any benefit of owning a 2nd rental home from a tax perspective and what are the tax limits for eliminating the potential savings. IE, what is the income limit when you do not get to deduct losses?

I plan on using Turbo Tax or a tax guy but want the experience from someone who has a 2nd rental home.

DJ
Consider yourself fortunate if you have enough money coming in to cause you to have to have to pay taxes. The vast majority of people will not have that issue.
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