Thank you so much. I also have a question about the gain that was reported on the sale of this rental residential property that I maintained as rental for 10 years. I also have two other rental properties. One of them has a and the other one has accumulated passive losses carry over from previous years and had a loss in 2022.
I noticed that Turbo tax has offset the entire passive losses for the sold property and the other property with the loss was offset against capital gain on the sale of the rental.
That does not make sense to me. I guess I missed something. Plus, I also have passive activity losses for two rentals (the sold one and the other one) that was more than 3,000 and was carried to 1040 form.
Unless there is change that I am not aware of, that does not make sense to me. I need some help from people that are familiar with turbo tax that I am!
