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February 27, 2025
Question

Why does my farm rental not show a credit for a loss?

  • February 27, 2025
  • 1 reply
  • 0 views
I inherited this farm from my father passing away & did not have an income gain for my part of the year.

    1 reply

    February 27, 2025

    If you were not an active participant in the farm, you losses may have been limited by the passive activity loss rules.  In general, passive losses can only be used to offset passive gains.  If this does not apply to you, you will want to go through the interview questions in TurboTax and look for the questions regarding active participation.

     

    See Passive Activity Loss Limitations - TurboTax Support - Intuit