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Investors & landlords
You don't get to choose whether or not you wan to deduct the loss if you qualify. There is no way to forego the loss from the special allowance for Rental Real estate Activities with active participation. TurboTax is not treating you as a real estate professional.
As for your unallowed passive losses, they will automatically flow to Form 8582 - Passive Activity Loss Limitations and will roll forward to your 2024 tax return.
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‎April 2, 2024
8:30 PM