If your income is less than your expenses on a rental property, then the unused (unallowed) losses will roll forward on Form 8582 as passive loss carryover. If you meet certain IRS criteria you can take a maximum of$25K of the passive loss each year against your other income such as W-2, interest, etc.
Please review your return and Form 8582 to see if Form 8582 shows the unallowed losses. This Form will populate each year and all your carryover loss will be used when the property is sold.
See how to preview your return before efiling in the steps below:
You can view your entire return or just your 1040 form before you e-file:
- Sign in to your TurboTax account
- Open or continue your return
- Select Tax Tools from the menu (if you don't see this, select the menu icon in the upper-left corner)
- With the Tax Tools menu open, you can then:
- Preview your entire return: Select Print Center and then Print, save, or preview this year's return (you may be asked to register or pay first)
- View only your 1040 form: Select Tools. Next, select View Tax Summary in the pop-up, then Preview my 1040 in the left menu
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