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Amending multiple years to reflect updated loss carryovers
I have a rental property that sustained losses for two consecutive years (2019 and 2020). This year (2021), I expect to have sufficient income to use the suspended losses. However, I realized that the loss in the first year (2019) should be larger than it was because I forgot to include a large expense item (property taxes). This increased loss will carryover to 2020 and then ultimately to 2021. I figure out how to amend 2019 easily enough, but now I want to update the carryforward loss to 2020 and then to 2021. Is there a way to do this automatically, or do I have to manually update the numbers?
‎April 5, 2022
9:12 AM