It depends. As indicated in previous posts 'you would indicate that in TurboTax when you enter the rental information for that property, and then a loss would not be allowed or reported for the property in the current year and there would be no loss available'. You may want to go back to the Property Profile to correct your answers to the questions.
- TurboTax Online/Mobile: Search > type rentals > click the link Where do I enter income and expenses from a rental property?
- Click rentals > Edit beside your rental > Edit Rental Property Info > Edit Situations
- TurboTax Desktop: Search > type rentals > Click the Jump to... link > Edit beside your rental > Update General Property Information
- Select Vacation or short term .....
The other option is you can choose to reduce expenses to the amount of rental income to arrive at a zero profit/loss. The above will allow TurboTax to limit it for you.
@kkjones
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