Investors & landlords
Yes, check both boxes. You do have a passive loss carryover and you are totally at risk for this activity. Exceptions would be funds received gifts or money that is not secured by anything.
In your case the regular and AMT carryover will be the same number because of the type of activity. See the entry procedures below:
The following instruction should help you with the location to enter your carryover loss. You must go into the rental property income section first, then follow the steps to enter your carryover loss.
- Any passive activity loss (PAL) carryforwards allowed would be listed on your Form 8582, Worksheet 5 or 6, in your 2022 tax return as 'unallowed loss'. If you have a PAL and it does not seem to be populated in your 2023 tax return you can take the following steps to enter it.
- Use the magnifying glass to Search (upper right) > Type rentals > Jump to Rentals > Select Edit beside your Rental Activity > Under Less Common Situations > Review Carryovers, limitations, at risk info, etc. > Continue to enter your passive loss carryover. See the image below for assistance.
