Thanks so much for the response to my question. Being that I'm a novice at preparing my taxes I still need help/further explanations when it comes to tax issues.
The rental property is a home I used to live in before getting married and moving to another location. I didn't want to sell it so I kept it and try to rent it to at least cover the mortgage, I do not operate it as a primary source of income. The mortgage payments have far exceeded the income generated. I paid more than $7k in mortgage, in 2025 alone, than I received in rental payments. I have also operated at a loss in the previous years also.
So, my federal return, at the moment, shows a loss of over $7k on schedule E (form 1040). Can I enter the $7k loss on Ga form 500 as the NOL amount? Is that a valid/legal entry?
Also, can I claim losses from prior years on this form?
Thanks again.
