@RobertB4444
@PattiF
Hi - I decided to upgrade to TT Live to go through this year's and last year's taxes. My 2021 Taxes were filled out correctly in terms of Property 1 (house that I immediately rented for a few months the moved into). It was converted to personal use. I could have regarded this as a short term rental and not took depreciation - but I opted to depreciate to offset the rental income in 2021. For 2022, it appears TT auto-filled in this property as a rental option and therefore carried over the loss. When I deleted the property the carryover loss was removed.
I'm still confused on this part of your comment: "You need to correct those. Then the loss will be used in 2021 and not available for carryover to 2022." I don't understand what you mean by the loss being used in 2021. My current understanding is the loss isn't used in 2021. It's a suspended passive loss that could be used to offset income if I rented this property again or used to lower my capital gain if I sell the house. Let me know if I'm (and the agent I talked with) have this wrong. Thanks.
