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Renting out part of my home - expenses exceed gross income
Hello,
This is my first year using TurboTax. I rent out part of my home, but my rental expenses exceed my gross rental income, meaning they should be limited. Unlike other software I've used, however, TurboTax doesn't seem to be limiting that amount and is carrying a negative amount from Schedule E into the rest of my return. Is this correct behavior? I don't think it gets limited on 6198 or 8582, so I'm not entirely sure where the loss limitation should be applied.
Thanks!
Topics:
‎April 1, 2023
12:25 PM