Hello,
I am new to using TurboTax, but I am trying to produce a return in the year of selling a rental real estate property for a gain. I have these current and suspended losses:
- Rental Property A - current losses and suspended losses
- Rental Property B (sold) - current losses and suspended losses
- Schedule K-1 - current net passive operating losses
It's my understanding from all my research that all of these losses should be unsuspended given that Rental Property B was sold at a gain in the same year. The properties are in separate Schedule E columns (they are not grouped).
But nothing I do from Turbo Tax Mac seems to be able to release the full amount of the losses for Rental Property A or for Schedule K-1.
Can anyone help me figure out what is going on?
