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June 5, 2019
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How to enter passive rental loss carryover from prior years when selling home in TurboTax Premier.

  • June 5, 2019
  • 2 replies
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I have had a rental property for past 2 years and had passive rental loss income for past 2 years. I sold my property in 2018 and wanted to enter passive rental loss carryover from prior years  in TurboTax Premier.

I got similar question which directed below steps. However I am unable to find step 4 - Show More icon in TurboTax Premier. Therefore I am unable to do next steps.

To enter Passive Activity Loss Carryovers from a Prior Year for your Rental Property in TurboTax Premier

  1. Click the Federal Taxes tab
  2. Click Wages & Income
  3. Scroll down to the Rental Properties and Royalties section
  4. Click the blue Show More in this section
  5. Click Start (or Revisit) next to Rental Properties and Royalties (Sch E)
  6. Click Yes
  7. Click Continue
  8. Click the blue Edit button next to the rental you'd like to add info for
  9. Click Continue until you reach the screen entitled Do any of these situations apply to this property?
  10. Scroll to the bottom of this page and check the box next to I have passive activity real estate losses carried over from a prior year.  (see first attachment for reference)
  11. Click Continue
  12. You'll be able to input the carry over amounts on the next screen (see second attachment for reference


Best answer by Leonard11_2

In step 4 in your question, the blue box in TurboTax Premier will say Update, (see the screenshot).  Then follow these steps to enter your passive losses

Follow the screen prompts to Rent and Royalty Summary and click edit on the line for the rental property you are working on.

On the page Review your......Rental Summary select Update on the Property Profile line.

Continue to the page Do Any of These Situations Apply to This Property then click the box I have passive activity real estate losses carried over from a prior year (see screenshot) select continue to the next page to enter your passive losses.

2 replies

Employee
June 5, 2019

In step 4 in your question, the blue box in TurboTax Premier will say Update, (see the screenshot).  Then follow these steps to enter your passive losses

Follow the screen prompts to Rent and Royalty Summary and click edit on the line for the rental property you are working on.

On the page Review your......Rental Summary select Update on the Property Profile line.

Continue to the page Do Any of These Situations Apply to This Property then click the box I have passive activity real estate losses carried over from a prior year (see screenshot) select continue to the next page to enter your passive losses.

Employee
April 16, 2023

Quick follow up question about whether the passive activity losses are automatically computed/deducted by TurboTax after the sale of the rental property.

April 17, 2023

And the answer is yes,

See here

 

 

from here

 

 

Good luck.

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February 5, 2021

Unable to edit rental properties and royalties (Sch E).  Have latest versions of Safari, Chrome, and Firefox.  What's going on with Turbo?