I sold a rental property at a gain, but have prior year unallowed passive activity losses. How can I get TurboTax to adjust for these in the calculation of capital gain?
I sold a rental property at a gain, but have prior year unallowed passive activity losses. How can I get TurboTax to adjust for these in the calculation of capital gain?
Suspended losses will be shown and reported on the Sch E as an expense, which will produce a loss of ordinary income on the return ... it doesn't get put on the Sch D or Form 4797 where the cap gain and depreciation recapture is reported ... but they do eventually net out.