Information:
- Standard Deduction Taken historically
- Multiple rental properties
- Historical income north of $100k less than $150k (able to claim rental property loss)
In years past, looking through 1040s and Schedule Es I have noticed that TurboTax has been able to take my wages -- to use round numbers -- of $100k and subtract the standard decuction of $24k as well as subtract the max loss for rental properties allowed of $25k taking my taxable income down to about $51k. This year however it seems that they aren't able to take into account hardly any of the $25k rental property loss... to be specific they only took into account about $2k. I am seeing something labeled as 'special allowance' on form 8582 Passive Activity Loss Limitations from years past with dollars in there getting me to the cap of $25k, but nothing in this years form. Has anything changed this year that I'm not grasping? Or am I looking at this all wrong to begin with potentially?
Any help or insight would be greatly appreciated.
