- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Some facts represent critical “dividing points” in how your tax return is prepared. Your choices at these dividing points determine the screens, forms, and calculations TurboTax will use to prepare your tax return. For these critical dividing points, TurboTax does not “save” your answer. Instead, you are asked to “re-affirm” these critical facts each time you re-visit those interview questions.
The question you flagged, about whether you are a real estate professional, determines whether or not your rental activity is treated as a passive activity. TurboTax believes that given the importance of that particular fact, affirming the answer each time is worth the inconvenience.
Another example is when you are asked if you “materially participate” in a business for which you received a Schedule K-1. Unless you materially participate in that business, the activity is treated as “passive” and losses can only be deducted to the extent you have passive income. So, TurboTax requires you to “yes or no” every time the interview question is encountered.
[Edited 6/25/2020|1:24pm PST]
**Mark the post that answers your question by clicking on "Mark as Best Answer"