Rental Loss carryforward

[Pcbwood]

I have a rental property that was rented for the first time in 2023. The property was occupied for 60 days during 2023. I invested approximately $90k in renovations during 2023 and received $8K in rent. The property will continue to be rented during 2024.

My question is related to the amount of my loss that will carry forward to 2024 and future years. When I enter my expenses and income for that property in TurboTax I don't see any clear reference to the $80K+ loss to be carried forward to future years. TurboTax is not generating a form 8582. I am using the"premier" edition.

Any insights would be appreciated.

[PaulaM]

The 90k in renovations need to be added to your basis and depreciated over the life of the asset. In the Asset section, add the property's purchase (or FMV if you converted a property) when you placed it in service + the 90k in renovations and less the land value. This will leave the depreciable amount and TurboTax will calculate for you.

There won't be much depreciation in 2023 with only a 60 day rental period and a mid-month depreciation convention.