Hello @BillM223
Thanks for the response.
I am filing IL state return because I received an IL K1 with a net loss from rental real estate activities.
My understanding is that it's important to record these net losses so I can offset any potential income (gains) in the future.
My IL Schedule NR currently shows:
- lines 15 and 21, column B: -$2,492 (net loss from rentals)
- line 24, columns A and B: -$1,792 (HSA deductions)
- lines 38 and 41, column B: -$4,284 (add up the net loss from rentals and HSA deduction)
My questions are:
- How does IL know that my actual net loss from rental this year is -$2,492 instead of the -$4,284? This is the reason why I initially did the override and placed $0 on line 24 column B - For IL to know that I have a net loss from rentals of -$2,492 not -$4,284.
- Do I need to adjust (or add back) the HSA contribution on line 40 to reflect the -$2,492 net loss from rentals?
- Also, is there an equivalent Form 8582 in IL that tracks passive activity losses? I expect another net loss from rentals next year so trying to think how TT or IL tracks this.
Appreciate any guidance you can provide.
