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Get your taxes done using TurboTax
Hi @HopeS , thank you for the reply.
Firstly as mentioned in the title and post, I am using TurboTax Business as I am preparing a tax return for my Trust.
I looked through the 2021 tax return and K-1s and it seems that my passive losses come from business activity unrelated to rental (real estate) property. The K-1 (Form 1065) was provided by a Limited Partnership where, as a limited partner, my Trust is not involved in the daily activity and therefore most of the income (or loss) is classified as passive.
With that said, my question still remains the same — where in TurboTax Business can I enter the passive activity losses that carryover from the previous year?
March 27, 2023
7:51 PM