Hi,
I have been using an accounting firm for tax preparation over the past four years due to my limited confidence in handling rental property taxes. However, this year, I have decided to use TurboTax (TT) instead, as the cost of tax preparation has increased significantly.
My question relates to Form 8582 – Passive Activity Loss. I have a loss of $9,584 (reported in Part IV of Form 8582 in last year 2023 tax), but I do not have any worksheets related to Form 8582 from my previous accountant.
In TurboTax, I need to determine the loss carryover amount for my rental properties ($9,581), but I am unsure which category it falls under:
- Schedule E – Regular Tax Carryovers
- Schedule E – Alternative Minimum Tax (AMT) Carryovers
- Schedule E – Qualified Business Income (QBI) Carryover
Could you please clarify which category this should be reported under?
Thank you for your help!
