Hello,
I am looking at my 2023 personal return - Passive Activity Deduction Worksheet (not done last year in TT).
I have OPERATING, Suspended Losses for both Regular Tax and AMT Tax that I need to carry forward to this year (2024). This is for Rental Real Estate.
Looking now in TT Home & Business, Under the Personal Tab - Report Carryovers - Regular Tax and Report AMT Carryovers, there is not an "OPERATING" option to use. Box 1 is "Ordinary income", Box 2a is "Ordinary income". There are also a few other Ordinary Gain/Loss options.
Where do I document OPERATING Suspended losses that are carried over from last year? Do I document them in Box 1 for Ordinary income?
Thanks!
Let me add to the above info, to be clear -
The suspended losses are from my business (partnership with my husband w rental real estate). This year I used TT Business and generated K-1s for my personal that I am entering in TT Home & Business.
I just assumed I should enter this info under the Personal Tab - Business Investment - K-1.
Though.... upon continuing to search since I wrote this, I found one source that mentioned to enter the OPERATING Suspended Losses for both Regular Tax and AMT Tax under the Business Tab - in TT Home and Office. I found "Net Operating Loss" under Less Common Business Situations. Is this the correct place for me to document these operating suspended losses?
Thanks again.