This doesn't make sense, I am not sure what I did wrong, this year is the first year of rental property (converted from a primary residence).
I selected "No" to "active participant" and "No" to "Real Estate Professional", and my AGI is over $150, 000, so there is no way I can deduct this rental property loss.
Does anyone have ideas? Thanks!
Edit: when I wrap up my income, TurboTax shows me the "Your Profit or Loss Results" page, it shows "Your deductible loss: -$xxx.xx" and "what you will see on your 1040 at this point: -$xxx.xx", the amount are the same negative number. Then in the end, it says "But wait! These amounts may change based on other limitations, such as what?".
So it looks that TurboTax already detected this issue, but it didn't instruct me how to fix it. In the left panel, I clicked "Review", then it says both my federal and state return are good to go. But I know this is wrong...
