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Investors & landlords
It's perfectly possible that only one of you, neither of you, or both of you will have carry over losses. Starting in 2018, you can deduct up to $25K of your passive losses from other "ordinary" income each year, if certain criteria are met. Thats why carry over losses are not a "sure thing".
But if you have carry over losses last year, add those losses together form your two 2021 form 8582's and use that total on your 2022 joint tax return.
The loss if any, will be on the 8582 par VII column c. If your only passive income is from this rental property, that will be all that's shown in section VII.
‎February 14, 2023
12:42 PM