hi,
i am a landlord and own 2 rental properties, one result in 8k loss and the other 6k income. i want to combine the 2 rental activities to offset the income and get better tax benefit (I am not real estate pro, and my income is more than 150k, so i can't deduct the loss if i treat it as separate activity.). i already selected on page "should this business be treated as part of a combined business" on each of my rental properties, but it doesn't work for me. I also verified on scheduled E there are 2 activities on line 1 a, but there is only one activity on form 8582 p2 which is the one that has loss, not sure if this is related and how to solve this in TT.
if i understand correctly, i should be able to apply the passive activity loss of my first property to the income of my second property? if yes could you please let me know how could i do that in TurboTax?
