Name: Taxgenius
Brand: AI_TOOL
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Question 1

What is the maximum capital loss that can be claimed per year?

Accepted Answer

The maximum capital loss that can be claimed per year is $3,000 ($1,500 if married filing separately). If the capital losses exceed the capital gains, the amount of the excess loss that can be claimed to lower income is the lesser of $3,000 ($1,500 if married filing separately) or the total net loss shown on line 16 of Schedule D (Form 1040).

Question 2

What is the mortgage interest deduction limit for married filing jointly?

Accepted Answer

The mortgage interest deduction limit for married filing jointly is $1 million for homes acquired before December 15, 2017, and $750,000 for homes acquired after December 15, 2017.

Question 3

What are the rental expenses that we can deduct from rental income?

Accepted Answer

Rental expenses that can be deducted from rental income include advertising, auto and travel expenses, cleaning and maintenance, commissions, depreciation, insurance premiums, interest (other), legal and other professional fees, local transportation expenses, management fees, mortgage interest paid to banks, points, rental payments, repairs, taxes, and utilities.

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