passive operating loss

Forum|Forum|1 year ago
February 25, 2025
1 reply
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I asked this yesterday but no answer.

While running checks TT is asking to enter passive operating loss. I think TT should know this. I read some replies to this and entered 2023 form 8582 Part VIII but I still got an error. Where exactly do I get this number?

Do I just enter loss for 2024?

I have used TT every year.

PatriciaV

Employee

Depending on the message you're receiving, your best option may be to delete the number in the QBI column, Row G.

But if you believe you had a regular tax loss carry over from last year, you'll need forms from your prior year return.

Passive Loss Carryovers for Rental Activities are not reported on Schedule E. You will find the carryover for prior years on Form 8582, Part VII, column c. If you have always made a profit, this number may be zero.

You can also see this carryover on the Schedule E Worksheet for your rental property. Look for "Carryovers to 2024 Smart Worksheet" (for a tax year 2024 return) after the QBI section under Line 22. The suspended loss is reported on Line G of this table.

While TurboTax normally transfers carryovers from last year to your current return, it's possible this function wasn't successful for you this year. But the forms should give you the entry you need.

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