Rental Passive Activity Loss Carryforward Not Transferring

Forum|Forum|3 years ago
March 4, 2023
1 reply
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Used Premier TT 2021 . Sold five rental properties in 2021 at a loss greater than 2021's income causing a passive activity loss carryforward. That carryforward did not transfer to Premier TT 2022.

Is there a way to transfer it or a workaround to input the data? Do I need to upgrade to business for 2022?

AmyC

Employee

You do not need to upgrade for the carryover and you can enter a carryover into the program. However, I don't believe you have a passive loss carryover. I believe you have a NOL that you are carrying forward. See IRS Publication 536 Net Operating Losses (NOLs) and About Schedule D (Form 1040), Capital Gains and Losses.

Follow these steps to enter a passive loss carryover on Sch 😧

Open your return
Go to investment income,
select capital loss carryover, start/ edit
Losses you couldn't claim, select yes
Do you know the amounts, make a selection
Enter the information following the directions on the screen.

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mrhardrockcafe

Yes. I did find it on my last years returns and entered it. How can find out what else i am missing? I do not remember in TT ask me if i had this loss to carry over. Should i start from scratch and take it slow and make sure i a am not missing anything? My CPA retired and I am doing them for the first time. We have rental properties and small business under $5,000 income.