Question

Rental Property losses

Forum|Forum|6 years ago
July 23, 2019
3 replies
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I own multiple rental properties that generate a loss because of the depreciation expense. In past years Turbotax transfered losses to Schedule C and deducted them from my other income. This year they show in the Turbotax section for this but no data is entered in to schedule C other than business name and type. No revenues or expenses appear so I do not get the benefit I did previous years. Is this because of the new tax law or am I doing something wrong?

A

Anonymous_

Employee

Why are you expecting (or have been expecting) data to be transferred to Schedule C for rental property? Is the property residential rental property or something else?

Typically, unless you are a dealer in real estate or provide substantial services, income/expenses from rental real estate is entered and reported on Schedule E - depreciation deductions would appear on Schedule E as well.

Critter

Employee

The program cannot and will not transfer any thing from one section of the return to another ... so it could not have moved the rental income/loss from the Sch E to anywhere else on the return... only you can do that with much effort. So are you really saying the loss from the rental is being used against other income on the return ?