Is NOL(Net Operating Loss) an exception to Rental Unallowed Losses of $16k(last 2 yrs) where MAGI is over 150k? When adding, it accepts NOL but doesn't link to SchE.

[BradHolst]

With CaresAct (2020),  didn't know if this was an exception to Rental Carryover Passive Unallowed Losses?   Thanks

[AmeliesUncle]

Can you clarify what you mean?  A "Net Operating Loss" (NOL) means the TOTAL NET income on a tax return is negative.  Is that what you have?  If so, is the NOL on this year's tax return or a previous year's tax return?

If it is not a NOL, can you explain exactly what you are referring to?

The  more details you can provide, the more likely somebody can help you.

[BradHolst]

Rental Business - Schedule E
2018 =   Operating Loss 14k   (Couldn't deduct because income over 150k... so carrying 14k to 2019)
2019 =   Operating Loss 2k (Couldn't deduct .. so carrying 16k to 2020)
2020 =   Operating Loss was $500 (Couldn't deduct  ... so now caring 16.5k to 2021)
In my Schedule E and Rental Worksheets, it states there is $16.5 k of Passive Disallowed Loss,  also referred to Unallowed Loss... so I planning to simply carry forward... 

BUT, I noticed a section in TurboTax Business Tab called  "Net Operating Loss"  where I could simply add 16.5k.   I also found an article referring to new exceptions under the CARE Act 2020.   QUESTION:    Can I actually add 16.5k loss to the NOL section? ... or NOL can not be used for Rental Passive Disallowed Losses?

Hope this helps.

[AmeliesUncle · Accepted solution]

As I said before, a Net Operating Loss means the total net income on your ENTIRE tax return is negative.  That is not what you have.  Do NOT enter anything in the NOL section.

You just have a "rental loss", and the unallowed losses area  "Passive Loss Carryover".  As you see, the program is automatically carrying that over, so you don't need to do anything.