Can I use prior year QBI Carryforward losses if I am no longer a Real Estate Professional?

Forum|Forum|2 years ago
May 12, 2023
1 reply
0 views

In prior years, I qualified as a Real Estate Professional and have QBI Carryforward Losses. I no longer wish to keep tracking my hours but am wondering if I may apply the remaining losses to reduce passive activity income in future years. Can I use prior year QBI Carryforward losses if I am no longer a Real Estate Professional?

Critter-3

Can you USE it without QBI income ... no ... but you can/should carry it forward until it could be used.

TlujanAuthor

@Critter-3 allow me to revise the question. I've been electing my three rental properties as a qualified business, but I typically operate at a loss and therefore never get a QBI deduction. I no longer want to track the hours and this year will be using up any remaining carryover losses. Can I just stop electing these each year and go back to treating them as passive losses? What must be done?