- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Thank you Amy for your insights, just to recap:
I have a significant capital gain deferred by using a 1031 exchange. The losses are from operating the rental activity over the years and are all passive losses carryforward each year. I already marked the old building as disposed under a 1031 exchange, but on the 8582 PAL form, it allocated the losses for the year and then added a small loss for the new building (so far so good). I was then advised to input the loss carryover from the old building in TT to the new building. Now the form 8582 has recalculated the carryover losses on both buildings, nothing in TT automatically transferred the old building losses to the new building. Seems wrong but can't get good help from TT!
March 9, 2021
10:16 AM