Please advise why TurboTax is not allowing the total of my rental in 2020 to go negative despite the fact that my expenses are (much!) more than the rent received in 2020.
This is particularly noteworthy because last year TurboTax allowed the 2019 total for the same rental property to go negative (specifically -$13). This is also visible in the 2-year comparison at the end of the rental analysis for 2020.
More specifically, I noticed that for 2020 TurboTax caps the expenses of this rental to the amount of rent income, and then also zeros out the property depreciation amount (despite calculating the property depreciation amount to be exactly the same like last year).
So, I assume that I am doing something wrong this year.
Also, please note that this is about AirBnB rental income from my own residence. So, I understand that this passive activity loss, although not applicable for this year, may be applicable in the future. correct?
