Passive Loss Carryover

Forum|Forum|3 years ago
February 9, 2023
1 reply
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I have a property that I used to use as a rental. I stopped using it as a rental so did not rent it at all in 2022. But, I had passive loss carryover from 2021. Turbotax shows the appropriate amount of the carryover. But, once you click the box that says "I did not rent the property in 2022", it deletes the whole rental, including loss carryover

My understanding is the loss should carryover until I SELL the property. what am I doing wrong?

HopeS

Passive activity losses are calculated on Form 8582. You can print all the worksheets from the previous year (2021) and keep them for your records.

When the property is sold, you will need Form 8582 and the supporting worksheets, as well as Form 4562 and the accumulated depreciation detailed schedules:

You may print your worksheets by following the steps below:

Login to your Turbo Tax account
Navigate to Tax Tools (found on the left-hand side of the screen)
Click on Print Center
Click Print, save, or preview this year's return (make sure to select the option to include worksheets)

@tdepietr

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