Investors & landlords
Thank you for the reply. I have a couple more questions if you don't mind. When looking at my 2020 tax return prepared by a CPA, I see form 8582. You say my regular loss carryover would be the loss on line 3 less the amount allowed in the current year as reported on line 11. "Section" 3 on my form is titled "All other passive Activities" and is blank, as is line 11. From what you are saying, the line numbers don't seem to match between your description and my form. last year, was the first year I rented the property is that makes a difference, so there wouldn't be any carryover to pull from. (I have attached a photo of the form from my taxes. The yellow dot indicated lines where an entry is made. This is the only page of the form).
Second, I see the QBI carryover amount listed on form 8995, on line 16. Now, do I report regular loss carryover (once I figure out the amount) AND QBI carryover? Or is a one or the other? I am not sure why I can't seem to grasp this concept.
Thank you so much
