MG26
Level 3

Passive income carryover Unallowed Loss creating negative income

TT is carrying the whole unallowed loss from last year. It creates a negative income. Am I supposed to change the amount to equal my current income (making income zero) and will it create a carry forward amount? Am I supposed to be using the whole amount? Will it go into NOL category?

 

Schedule E lines 24-26

Income                               6,482

passive loss carryover -13,831

total real estate loss       -7349