My wife and I own several rental properties, however we make over $150k a year. All of our properties are operating at losses, but we are not currently able to deduct any of the losses because of our income.
How do we go about carrying forward this passive activity loss tot he time when we sell the properties? How do I document this? I reported all of the losses on my taxes for this year. Do I just need to keep track of the non-deductible amounts? It is already itemized on my tax return.
Thanks in advance.