Reporing rental income (loss) while on H1

[kamal]

What is the name of your state (only U.S. law)? Mo

I'm in the US on a h1b visa and my permanent residency is being processed. I own a house in FL and had to rent it due to job transfer.

Is it legal to receive rental income while on H1b?

During tax year 2010 I reported a loss of $15,100 on the rental property as the expenses are greater than the income. Is it legal for a H1b person to report a loss to irs (it effectively reduced the adjusted gross income)?

Is it going to negatively affect my I485 processing?

Appreciate your reply.

Thanks
Kamal

 

[kamal]

Can someone please respond to my post?

Thanks
Kamal

 

[LdiJ]

What is the name of your state (only U.S. law)? Mo

I'm in the US on a h1b visa and my permanent residency is being processed. I own a house in FL and had to rent it due to job transfer.

Is it legal to receive rental income while on H1b?

During tax year 2010 I reported a loss of $15,100 on the rental property as the expenses are greater than the income. Is it legal for a H1b person to report a loss to irs (it effectively reduced the adjusted gross income)?

Is it going to negatively affect my I485 processing?

Appreciate your reply.

Thanks
Kamal

It is perfectly legal for you to own rental property. It is perfectly legal for you to report a loss on that rental property if the loss is a valid one. No, it should not have any effect on your I485 processing.