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stevenmichaelmar
January 11, 2021
Solved

Last year, I did a 1031 exchange on a relinquished property that had significant passive activity losses. How can I make losses roll forward to my replacement property?

  • January 11, 2021
  • 1 reply
  • 0 views
When I removed the relinquished property from my Schedule E, the passive activity loss limitation schedules no longer show the PAL and I can't figure out how to assign the PAL to the replacement property in Turbotax...where do I enter it?
Best answer by Anonymous_
@stevenmichaelmar wrote:
..where do I enter it?

There is a screen in the Property Profile section (Rentals) where you can enter PAL carryovers after checking the appropriate box.

 

1.png

 

 

1 reply

A
Anonymous_Answer
Employee
January 11, 2021
@stevenmichaelmar wrote:
..where do I enter it?

There is a screen in the Property Profile section (Rentals) where you can enter PAL carryovers after checking the appropriate box.

 

1.png

 

 

    S
    split
    Employee
    April 7, 2021

    When you click the box for carryover passive losses,  TT asks for three Passive Losses amounts from Previous years Schedule E:

    1. Regular Tax Carryovers

    2. AMT Carryovers

    3. QBI Carryover.

     

    I believe #1 is line 21 of schedule E.

    I see no corresponding amount for #2 or #3 on schedule E

    AmyC
    AmyC
    Employee
    April 7, 2021

    Schedule E line 21 is just a subtraction line.

    You will want a copy of last year's return including all worksheets.

    You want the Carryforward worksheet to 2020 for your answers.

    Look for Sch E Passive Loss carryover and all the amounts you need are there.

     

     

     

     

    @split

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