Diane, thanks so much for responding. Here's the issue: I had PALs (passive activity losses) in 2023 that carried over to my 2024 return. I now realize that one of those losses was a "final transaction" meaning I could have taken the losses on my 2023 return, in which case I would not have had any PALs carried forward this year. I have not yet amended my 2023 return because I am going to have more "final transaction" passive activity losses this year (2024) that will more than cover the losses carried forward from 2023. So my question is whether to amend the 2023 return to claim the losses I could have claimed last year or should I just let those losses carry over because my 2024 losses will cover them and more? Would the end result be the same either way? And if I do amend my 2023 return, how do I fix that in my 2024 return which includes the PALs from 2023? Thanks again!
