What line number do I fine the passive loss carryover for rental property on the Schedule E?

Forum|Forum|6 years ago
June 7, 2019
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PatriciaV

Employee

Passive Loss Carryovers for Rental Activities are not reported on Schedule E. You will find the carryover for next year on Form 8582, Worksheet 6, Column b.

To see this form in your current year return, you can download your entire return (including worksheets) to your computer as a PDF file to view or print. For this option, choose My Account in the TurboTax header then select Print Center.

(You need to log into TurboTax from a laptop or desktop to do this; Print Center is not available from the mobile version of TurboTax.)

Note: Passive Loss Carryovers are entered during the setup interview questions for your Rental Property (see attached screenshot).

Find this under:

Federal Taxes
Rental Properties & Royalties
Start/Revisit
Add a property or Edit an existing property

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mylikuliku

Employee

@TurboTaxPatriciaV I thought the number show on Line 21 on Schedule E from previous year tax return is the Passive Loss Carryovers for Rental? E.g., for 2014 tax return, you can find this number from line 21 on Schedule E of 2013 tax return. Am I correct?

toecheese

where would I find the AMT Carryover from the previous year?

toecheese

Do I enter this number as a negative or a positive?

MJMann

What happens if you don’t enter anything ?

In prior years, my husband has been doing our returns assuming TurboTax is carrying forward this information and automatically entering it where it needs to be. During the interview on TT2021, it asks if any of these situations apply: second from the last I believe was passive losses , which we did have according to the definition and explanation. The next screen wants me to enter something under “Regular tax” : is this current year PAL from schedule E (loss or profit). And than PAL carry overs from prior years as the last entry im that box which I can take from the federal form for PAL correct?

If so, why isn’t this information populated automatically or is it?

thanks

DianeW777

Yes, you need Form 8582 from your 2020 tax return to enter your passive loss carryover. If the box is blank then TurboTax is not entering the carryover for you. Be sure to enter the amount from Part VII, page 2 Form 8582.

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pyropinup

So, is this requirement to enter in your passive loss carryovers new in this section? Form 8995 carries over the passive losses from year to year and accumulates correctly.

Does this mean I have to go back and amend all of my returns? How does NOT entering this information here affect my tax liability, because again, it shows up in From 8995.

Thank you