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Schedule E tax questions?
Am I required to file Schedule E if I only have real property rental losses and no income (i.e., no one rented my house in 2009)? I do qualify as "actively participating" in the passive activity, but the amount of loss allowed after limitations on Form 8582 is $0. I don't have any other passive activity. So I don't see the point in filing Schedule E but I don't know if it's required; plus I'd like to include the taxes and interest deductions on Schedule A.
Second question in anticipation of next year:
Someone has rented my house for the second half of this year. I should have enough expenses, including repairs and maintenance, insurance, travel, management fees, etc., to negate all of the income for this year. So can I just include these things on Schedule E and then put the mortgage interest and property taxes on Schedule A? Any excess losses on Schedule E will not be allowed next year, like this year, and I don't want to lose those valuable deductions.
On schedule A you can only take interest and property taxes on your main or second residence, not on rental property. To deduct it on rental property, you have to use schedule E. Were you trying to rent it in 2009 but just couldn't find a renter, or weren't you trying? If you weren't trying, you can't deduct expenses.
For your second question: NO you can't take rental expenses on schedule A. If you don't have income to offset the rental loss against, you just lose it. But if putting it on schedule A would help you, then you DO have income to offset - the income doesn't have to be just rental income.
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