Investors & landlords


@phil106 wrote:

....However the total of the losses were more than my income, therefore I had losses "leftover".  Should I expect those "leftover" losses to carry forward to be used in 2019?


In the year you dispose of the entire interest in the rental property in a fully taxable transaction to an unrelated third party, all of the suspended passive losses are released and can be used to offset other classes of income.

 

Note that you should review your 2018 return as you most likely have an NOL (net operating loss - not calculated by TurboTax) which may be carried forward to the 2019 tax year.

 

See https://turbotax.intuit.com/tax-tips/rental-property/selling-rental-real-estate-at-a-loss/L2RKgClm4