Question

Why is my rental property loss almost 2x that of 2018 when my information is very similar.

Forum|Forum|6 years ago
February 15, 2020
1 reply
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TurboTax Premier Online

Employee

Could be for any number of factors. My guesses are based on pure conjecture since I have no facts to work with. Maybe it wasn't rented out for a few months? Maybe you received rental income for 2019 that was actually paid in 2018 and therefore reported on your 2018 tax return? Maybe you didn't collect the Jan 2020 rent until after Jan 1st of 2020, thus reducing the amount of 2019 rental income to be reported? A whole lot of "maybes" here.

I suggest you work through the rental again and after you read the small print on each screen, you double-check your entrees as well as your checkbox selections.

Carl11_2

Employee

Also remember that your 2018 losses that exceeded the 2018 rental income are automatically carried over to 2019 and added to your 2019 losses. It's perfectly normal for your losses to carry over and increase with each passing year. It is "NOT" normal for rental property to actually show a taxable profit - especially if there's a mortgage on the property.