Is loss limited to rental income on a house?

Answer 1

I don't exactly understand what you are asking.

If you are talking about a rental property you own, you take everything paid into the house, taxes, repairs, general maintanence, or anything else that may have cost you money, and put that against the income you received.

You are either going to show a net gain, or a net loss.

But honestly, I'm not sure if that's what you are asking...

Answer 2

Assuming that renting property is not your primary business, I am pretty sure that your expenses cannot exceed your rental income. So, you can offset your rental income but not your income from other sources. If you are talking about other types of losses (the house burns down) then you may be able to write them off elsewhere on your taxes but how much you can write off each year may be limited.

Answer 3

If you have a rental house and expenses excede income on it then you have a loss to apply on your 1040 against other income. It happens; for instance; you only collect rent for six months but the expenses go on forever. Life sucks, get used to it.