How to offset with rental loss from past years?

Forum|Forum|2 years ago
February 29, 2024
1 reply
0 views

Hi team,

I see TurboTax premium automatically calculating past investment losses. However, I do not see it is doing for rental properties.

I have a rental properly that had loss (due to a large repair) last year. This year, I have some net rental gains. How can I use last year's loss to offset? It is not showing up in TurboTax directly. (I have used TurboTax for filing previous years. It finds my past filings.)

Thanks!

Mike9241

Did you use Turbotax last year and transfer from 2022 when starting 2023. any passive loss carryover (see 2022 form 8582 section VII and VIII) these sections show the unallowed loss that should have been transferred to the 2023 Turbotax.

for 2023 these losses would appear on either the 2023 form 8582 lines 1c or 2c depending on whether you actively participate in rental activities or not.

however, if you had a net operating loss, Turbotax does not calculate this. A negative AGI for 2022 would likely indicate you had an NOL while if it's positive then there likely isn't any

to check you can use schedule A of form 1045.

https://www.irs.gov/pub/irs-pdf/f1045.pdf