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Investors & landlords
it took me a while but what you have to do is go to Wages & Income - go to Rental Properties and Royalties - you should see your current passive loss amount in the 2020 column - hit the update button - then go those all the questions until you get to Review your XXXX Rental summary screen - here is the trick - go to Property profile and hit update - go thru screen until you get to Do any of these situations apply to this property ? - check the sold box ( important )
then the passive loss amount will appear in line 8 of your form 1040 with would be negative number - thus decreasing your AGI
I was wasting time looking for this passive loss in all the other form like schedule E and Unrecap1250 etc
May 6, 2021
1:13 AM