Yes, you can report the income on Schedule E as rents and also take any additional expenses that you may have had if paid in 2024. Be sure to include any passive loss carryovers if applicable.
Passive Activity Loss Entry:
If you have any passive losses use the instructions to enter that amount. This will be a separate and identifiable entry which will carry to the Schedule E. The full remainder of passive loss carryover is used in the year of sale as an expense. This is combined with your overall rental gain or loss to your Form 1040.
- When you are on the screen 'Do any of these situations apply to this property?' (Property Profile section), be sure to check the box under Carryovers.
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