jasoncheng403
Returning Member

Reporting passive loss carryover on rental property that converted to home in prior year

passive loss carryover on form 8582

 

Hi, I had two rental properties. Property A had rental income and Property B had passive loss carryover on form 8582. Property B became our home current year. Where do I enter the passive loss carryover on Property B in current year tax return? In the rental income section, there were three selections: Sold or disposed of property, converted home to rental or rental to home, or rented part of your home. None of them applied as the rental to home was converted last year. And since I didn't rent Property B at all in current year, it says remove this property. I need to enter the passive loss carryover on Property B in order to offset the rental income on Property A.

Note: prior year tax return not filed NOT using Turtotax.

Thank you.