I have a rental property since 2006 and just sold last March 2022 with a capital gains.
I have used TurboTax to report rental incomes and expenses on Schedule E since 2006.
Looking back into my income tax records and found:
2006-2007 there are only Schedule E reported
2008 there are Schedule E and Schedule 8582 with page 3 column (b) unallowed loss of $2,540 reported.
2009-2013 there are only Schedule E reported
2014 there are Schedule E and Schedule 8582 page 3 column (b) unallowed loss of $9,851 reported.
2015-2020 there are only Schedule E reported.
2021 there are Schedule E and Schedule 8582 page 2 column (b) unallowed loss of $4, 221 reported.
Question is when I file my 2022 income tax using TurboTax Premier to report the sale of the rental property in the "Rental Property Section" Section next year, will TurboTax automatically add all previous years "unallowable losses" and "depreciations" claimed to calculate the correct taxable amount of "capital gains" and "recapture depreciations" taxes ... since I don't see any "carry over of unallowed PAL" in all the Schedule 8582. Do I have manually add those numbers found from the old income tax records.
Do you recommend that I should purchase the "TurboTax with Consultant Help" version (more expensive) next year to guide me report correctly through the rental sale portion?
Thanks in advance for your responses to get my mind prepared with my first rental property sale.
