- Passive loss rules do not apply to real estate professionals. However, the rules for who is a real estate professional for tax purposes are rather specific and the IRS enforces these rules rather strictly. If one is classified as a real estate professional, any losses are treated as ordinary losses and may be deducted against other income sources. They are not treated as passive activity loss.
so what you have to do is use form 1045 schedule A to determine if you had a net operating loss.
https://www.irs.gov/pub/irs-pdf/f1045.pdf
with a net operating loss, the law requires that a 2020 NOL be carried back to 2015 unless a positive election was included with a timely filed return for 2020 to waive the carryback.
Turbotax no longer supports 2015. so if that's the year you'll have to do the 1040-X manually or find a tax pro. that maintains that year's tax software
