Where do I enter the passive loss carryover for a property that I sold to write it off this year? Do I need to adjust the sales price by the balance of the past loss?

Forum|Forum|5 years ago
March 5, 2021
2 replies
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TurboTax Self Employed Online

Mike9241

Level 15

did you use TurboTax last year? if so and you're in the same a/c as last year the PAL should have transferred.

if not, there a section on the schedule e worksheet where you'll enter your PAL carryover. you do not adjust the sales price for it.

Mike9241

Carl

Level 11

If this is for the sale of residential rental property, if you report the sale in the SCH E section of the program (assuming the last occupant to move out prior to the sale was a tenant), then the program will handle all of this "for you" in the background. When you select the checkbox to indicate you have passive loss carry overs, then at some point after that you will be asked for that amount.