I already had a rental property till end of 2024 and I added a second rental property during 2024. For the first property I have filed the return over the past couple of years by amortizing the expenses over time and did not take one time credit. So when I added 2nd property for 2024 some where in TTax Premier it said if I chose to amortize expenses on one property, I need to do the same for all. So in 2024 I filed both properties with expenses amortized instead of taking one time credit. These expenses are like applianaces, improvements and repairs etc.
But 2nd property turned sour and I incurred substantial leagal and repair expenses due to client evicton. As of now that loss stands at $19,133 for the 2nd home but TTax is allowing only $5,031 for the year 2025 (I am using TTax premier 2024 for estimating tax for 2025. Though inaccurate, it is fine for now. But basically amortized loss is substantially small). Since the loss is substantial and since I also have huge tax burden due to other income, I want to see how to claim all of $19,133 in 2025 itself. If I were to do, I might have to claim the same way for 1st house also. But when I first chose my first home to amortize expenses a few years back, TTax premier did warn me that chaning it to one time credit after having done amortized, will be involved process. But I want to give it a shot.
1) Can you please provide and guidence on how to do it?
2) Please see if there any detailed cheat sheet for this how to?
3) Can TTax premier do it?
Appreciate help
regards
