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Get your taxes done using TurboTax
The only carry-over loss is from 2023. But I'd really like to avoid amending.
There's still a fundamental thing I don't understand about my situation. Let's assume I can't say I materially participate. Do the tax rules allow me to take the $5k loss this year (assuming I have minimal add'l passive loss on the property, and that I'm converting it to second-home status, and that our MAGI is below $100k) ? IOW: are we allowed to take the carried-over loss this year, and the only issue is how to get Turbotax to do it ?
‎December 4, 2024
5:32 PM