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May 22, 2024
Question

QBI Carryforward Still Calculating after I sold My Rental Property

  • May 22, 2024
  • 1 reply
  • 0 views

I sold a rental property in 2021.  I had business loss carryforwards each year.  I just realized that I have been including a qualified business loss carryforward related to the sold property on my 2022 and 2023 returns.  How do I correct this for 2022 and 2023 and delete this completely from future tax returns.?

1 reply

May 24, 2024

You don't.

 

If your rental qualified for QBI, the losses keep carrying forward until they are offset by another business or until that law ends (as of now, 2025 is the last year, but that may change).

 

Shawnt357Author
May 28, 2024

Thank you.  I see what you reference under section 199A.