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Investors & landlords
For passive loss carryover, TT automatically deducted it from the relinquished property A, so I did not move it to the new acquired property B.
For relinquished property A :
Passive loss carryover from 2021 : -10,000
Deductible rental real estate loss (line 22 in schedule E for 2022): -10,000(passive loss carryover from 2021) + -200 (2022 loss)
Looks like TT allows the complete passive loss carryover to be deducted in the year of trade/exchange.
Hopefully this is correct?
If this is not correct, how would I fix this?
March 11, 2023
9:27 AM