Get your taxes done using TurboTax
As per IRS Pub 536:
If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL).
To have an NOL, your loss must generally be caused by deductions from your:
- Rental property.
I don't qualify for Passive activity losses (PAL) as per the instructions for Form 8582 (See attached )
- Rental activities with active participation were my only passive activities
- I have no prior year unallowed losses
- My total loss wasn't more than 25K
- My MAGI was not more than 100K.
