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April 6, 2023
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Disallowed passive loss carryover?

  • April 6, 2023
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Suppose this year I have passive real-estate income from several properties, but incur a net loss due to a large repair outlay on one of those properties.  This shows up on Form 8582 p2 Part VIII in the "Unallowed Loss" column.  I understand that for passive losses you cannot deduct more than your passive income.

 

Question 1: Suppose next year I have a positive net passive income, will that unallowed loss be applied against next year's income?

Question 2: Will TurboTax do this automatically next year if I import this year's tax return?

Question 3: Is there any indication of this being carried over on THIS YEAR's tax return?

    Best answer by Mike9241

    1) yes

    2) yes

    3) look at form 8582 part VII where the unallowed loss for each property is calculated

     

    1 reply

    Mike9241Answer
    April 7, 2023

    1) yes

    2) yes

    3) look at form 8582 part VII where the unallowed loss for each property is calculated