Rental property carryover loss

Forum|Forum|3 years ago
April 1, 2023
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Hi Everyone, I found the calculation of Rental property carryover loss is not correct. for example, My only rental property made 3000 net profit for 2022 and I have 10k carryover loss from 2021 but it only allows me to deduct 1000 so I need to pay tax on 3000 profit - 1000 allowed carryover loss = 2000 need to pay tax. I am fine with this part. However my new carryover loss becomes 7000. This is not right. I have 10k carryover loss from 2021 and you only allowed to use 1000 so I should still have 9000 remaining. but turbotax used 10000-3000 (the total profit I make to reduce my carryover loss. I think they messed up here. Did anyone notice this? Did you guys track your carryover loss? Please check it up to see if it's correct.

AnnetteB6

If you would be willing to provide a diagnostic copy of your tax file, we can take a closer look and try to explain what is happening in your return with regard to the carryover losses. The diagnostic file will not contain personally identifiable information, only numbers related to your tax forms. If you would like to provide us with the diagnostic file, follow the instructions below and post the token number along with which version of TurboTax you are using in a follow-up thread.

Use these steps if you are using TurboTax Online:

Sign in to your account and be sure you are in your tax return.
Select Tax Tools in the menu to the left.
Select Tools.
Select Share my file with agent.
A pop-up message will appear, select OK to send the sanitized diagnostic copy to us.
Post the token number here.

If you are using a CD/downloaded version of TurboTax, use these steps: