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February 27, 2021
Question

Why won't mortgage interest info for my rental property, including refinance costs, show up on its summary page under income and expenses?

  • February 27, 2021
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1 reply

Carl11_2
Employee
February 27, 2021

You have three items on the summary screen. Income, expenses, and net profit. If net profit shows zero, then I expect income and expenses to be exactly the same same so that expenses gets the taxable net profit to zero. Any remaining losses are carried forward to next year. You'll see those carry forwards on IRS Form 8582 in Part I. LIne 1b is your current year (2020) losses on all passive activity that you materially participated in. Line 1c is the losses carried forward from prior years (if any). Line 1d, if the number is in parenthesis, is your total losses to be carried foward to next year.