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Business & farm
Generally, passive activity losses that exceed the passive activity income are disallowed for the current year.
You can carry forward disallowed passive losses to the next taxable year. A similar rule applies to credits from passive activities.
Did you indicate in TurboTax that you actively participate in your rental activity?
Here's more info from IRS Topic No. 424.
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‎January 16, 2024
4:21 PM