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Deductions & credits
Ok ... so you don't have a BUSINESS renting real estate where you pay SE taxes on the profits ... NO Sch C.
You have passive rentals reported on a Sch E and if you are now a real estate professional on the Sch E then the losses should be allowed and not be subject to the passive loss limitations on the form 8582. This may not release prior year passive losses.
‎September 12, 2021
11:37 AM