rental properties' passive losses

Forum|Forum|2 years ago
March 12, 2024
1 reply
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Hello,

The rental properties' passive losses is getting incorrect information when compared with prior years 8582 part IV.

How do I correct that in the 2023 TT?

Thanks in advance.

DianeW777

it depends. Be sure to use last year's information to confirm your numbers on Form 8582.

The following instruction should help you with the location to enter your carryover loss from 2022. You must go into the rental property income section first, then follow the steps to enter your carryover loss.

Any passive activity loss (PAL) carryforwards allowed would be listed on your Form 8582, Worksheet 5 or 6, in your 2022 tax return as 'unallowed loss'. If you have a PAL and it does not seem to be populated in your 2023 tax return you can take the following steps to enter it.
- Use the magnifying glass to Search (upper right) > Type rentals > Jump to Rentals > Select Edit beside your Rental Activity > Under Less Common Situations > Review Carryovers, limitations, at risk info, etc. > Continue to enter your passive loss carryover. See the image below for assistance.