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How to declare Short term rental material participation in Turbotax
I actively manage my short-term rental and pass the tests on material participation.
According to IRS Section 469, passive loss in such short-term activities is not subject to passive loss activity limitations. However, when I filled in my Schedule E, Form 8582 was still populated and limited the passive loss deductions as my AGI is above 150k.
Two questions:
(1) How can I declare the short-term rental and material participation on Turbotax so I can recategorize my short-term rental activity from passive to active? As soon as I fill Schedule E, form 8582 is automatically generated no matter how.
(2) What is the limit for this deduction?
‎October 14, 2022
10:33 PM