While documenting carryover losses within Turbotax, it seems I run into double-counting issues. Can you help?
I have a rental property which generates Passive Activity Losses (PALs) on paper, which I take is very common after mortgage interest and, depreciation and other expenses. My losses are disallowed due to AGI restrictions but I want to make sure to record them correctly; they are "at-risk" to my understanding. Under Carryovers, I ticked both boxes (cf. below) that I have a PAL as well as at-risk losses.
It seems like Turbotax is double-counting my past losses: It automatically creates a Section 465d carryover expense (which increases the current tax year's loss), and also counts the previous years' loss within form 8582 in addition to the current year's losses.
How do I best deal with this situation? Am I supposed to tick only 1 box, either standard PAL or at-risk losses form 2023? Assuming all losses are "at-risk", would the two losses actually ever be different?
Thank you very much for your help!
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I followed the instructions provided by @DianeW777 to check both boxes.
https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/rental-property-passi...
