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Investors & landlords
Thank you, Marilyn!
My next question is how to get TT to activate my suspended passive losses accumulated over the years on this property through 2019 from the 2019 Form 8582. I will owe capital gains on this property that can be offset somewhat by a deduction of those activated passive losses carried over. I know I can now activate those suspended losses because I have fully disposed of my interest to an unrelated party in this past passive activity and it is fully taxible. Where is that PAL amount even reported as a deduction on Form 4797 -- or do I report it somewhere else? It would normally be reported on Schedule E, but I can't file Schedule E.
‎February 17, 2021
7:04 PM