Question
We sold a rental property last year, triggering depreciation recapture. Suspended passive losses equal the depreciation amount. How do we apply the losses to offset gain?
The rental sale price and basis are roughly equal. Where in Turbotax, or in which form(s) do we apply the previous years' suspended losses against the gain from depreciation recapture. Note, this only applies to the sale, not to offsetting rental income.
