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Deductions & credits
it depends. If you used Turbo Tax in 2018 and 2019, the losses should have carried forwarded automatically and a new 8582 generated. if not, then follow these steps for each property.
- open or log into Turbo Tax
- Go to federal>income and expenses> rental properties and Royalties> rental properties and Royalties(Sch E)>start or revisit
- Scroll through the Screens until to get to Rental and Royalty summary Screen
- Here you should see a listing of both properties. Edit or update the first property
- Continue through the screen until you reach a page that says Do any of these situations Apply to this property?
- here you will scroll to carryovers and select I have passive activity real estate losses carried over from a previous year
- Here you will enter the passive losses carried over from 2019
- Now repeat steps 2 & 3 listed above and enter information for the second rental property.
- Here is what the screen will look like in your program
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March 7, 2021
11:35 AM