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Level 2
posted May 11, 2023 11:05:54 PM

Can I use prior year QBI Carryforward losses if I am no longer a Real Estate Professional?

In prior years, I qualified as a Real Estate Professional and have QBI Carryforward Losses. I no longer wish to keep tracking my hours but am wondering if I may apply the remaining losses to reduce passive activity income in future years.  Can I use prior year QBI Carryforward losses if I am no longer a Real Estate Professional?

0 2 434
2 Replies
Level 15
May 12, 2023 5:28:21 AM

Can you USE it  without QBI income ... no ...  but you can/should  carry it forward until it could be used.  

Level 2
May 13, 2023 6:20:13 PM

@Critter-3 allow me to revise the question. I've been electing my three rental properties as a qualified business, but I typically operate at a loss and therefore never get a QBI deduction.  I no longer want to track the hours and this year will be using up any remaining carryover losses. Can I just stop electing these each year and go back to treating them as passive losses? What must be done?