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Investors & landlords
All you can do is report your income and losses accurately as they were reported to you. The loss is clearly restricted this year, but it will carryover to next year. When you enter your K-1 in TurboTax next year, you will want to be sure you mark the box that says "I have passive-activity loss carryovers from 2022" to ensure you get the loss offset as you are eligible and continue this going forward until the loss is exhausted.
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March 10, 2023
3:59 PM