I believe I will meet the RE professional test in 2021, and have a couple of questions:
- To test the effect, I went back to my 2020 TurboTax return and checked both boxes for our real estate business (More than 750 hours/more than 50% of work-related time). However that didn't change my taxes at all despite showing a substantial loss. Why wouldn't that allow me to deduct the loss? (I'm just trying to see the impact since I worked fulltime in 2020)
- Also if I qualify am I allowed to deduct all rolled over losses from previous years?
Thanks for any guidance.
