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Jimbo2
Returning Member

I have Turbotax for Business 2021 Desktop. How do I carry over a passive loss from 2020 correctly?

I have Turbotax for Business 2021 Desktop.

 

I would like to carry over a passive loss from a rental business from 2020 to 2021, in order to offset a profit in 2021.  How do I carry over that passive loss correctly?

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3 Replies

I have Turbotax for Business 2021 Desktop. How do I carry over a passive loss from 2020 correctly?

any passive loss carryover should be reflected on your 1040 if it wasn't used. it is not reflected on the business return. i should have added this only applies if the business return is for form 1065 or 1120S.  

 

I have Turbotax for Business 2021 Desktop. How do I carry over a passive loss from 2020 correctly?

Which form are you filing ?    1041, 1120, 1065, 1120-S?

Jimbo2
Returning Member

I have Turbotax for Business 2021 Desktop. How do I carry over a passive loss from 2020 correctly?

The TurboTax platform fills the various partnership tax forms, starting with the 1065. 

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