I rented out our vacation home most of 2023. However we had loss due to depreciation, let's say $50K.
While finalizing, I looked through the CA state return sections and saw section on "Rental and Royalty Summary"
Is there a reason why TurboTax does not automatically move the numbers over for me? Do I not need to fill this out due to some income limit? If I am to fill it out, I assume I have to print out the federal form and try to dig up "passive loss carryovers" for schedule E, D (Long/short/ordinary etc).
Then next screen asks if I had "expenses from prior years" of operating and depreciation expenses. Which I do, but it doesn't say 2022 as I would assume prior tax year, or just prior year, which would be 2023. It's all very confusing. If someone can advise. My federal ones all seems to be accurate. Just wondering if I need to fill out this section in CA. Don't want to have to amend my taxes in the future for CA if we ever sell the property and have to recapture the loss.
