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Investors & landlords
You need to know your carryover passive activity losses (PALs) which are reported on Form 8582. Confirm each year the losses are carried over for you and enter if necessary.
- The amount of any carryover of passive losses from your prior year tax return will be found on Form 8582, page 2, part VIII in the "Unallowed Losses' column(b).
- The question is in the rental activity section when you scroll to the 'Less Common Situations' (see the image below)
- Expenses should be correct under each property unless you have combined them into one rental activity/enterprise.
- It's easier on sale if you keep them separate, it's your decision.
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‎April 12, 2023
9:58 AM