Thank you very much @KeshaH , very helpful answer.
It appears like I have a more fundamental misunderstanding regarding the "at-risk" carryover portion, could you confirm my below understanding?
Situation: I bought the property with a traditional mortgage, 20% down and made additional renovations. Let's assume the purchase price was 400k + 100k in renovations - I would be 500k "at risk" in layman's terms. Losses incurred thus far are 30k, far below the total investment and thus would not trigger the "at-risk rules" per the tax code. I should thus not have any "at-risk" carryover, and since my return from last year through TT also had a 465(d) carryover expense item - I have prepared that one incorrectly.
Solution: I need to amend last year's return (untick box with at-risk), and then file the current year's return with the corrected last years' loss number equivalently with PAL only. Can I do this in one batch or is it recommended to wait for a few weeks in between?
Thank you
