Can passive loss carryover be used to reduce capital gain?

[tomdanker]

To turbo tax expert Thomas M125

if you could also look at the turbo tax form 4797

id like to know where the values being loaded by the software into the 4797 line items are coming from on other forms

Thanks

[HopeS]

You will need to enter these passive losses in the TurboTax Desktop version using the forms mode.

2. Scroll down the worksheet until you get to Carryovers to the 2021 Smart Worksheet. Enter your passive activity losses on line G, Schedule E Suspended Loss. Be sure to enter the passive activity loss as a negative amount.

If you have not printed 2021 Form 8582 you can search in forms for Schedule E Wks for the rental property. Passive activity losses are calculated on Form 8582.  You can print all the worksheets from the previous year (2021)  and keep them for your records.  

When the property is sold, you will need Form 8582  and the supporting worksheets, as well as Form 4562 and the accumulated depreciation detailed schedules:

You may print your worksheets by following the steps below:

1. Login to your Turbo Tax account
2. Navigate to Tax Tools (found on the left-hand side of the screen)
3. Click on Print Center
4. Click Print, save, or preview this year's return (make sure to select the option to include worksheets)

@tomdanker 

[tomdanker]

Thanks for the feedback

however

the 2022 desktop 8582 doesn’t allow me to enter any values

can you send me a program for the 8582 that allows entries

hoping for a solution. 

[AbrahamT]

Under Property Proflie/hit Update/continue/continue till you get to this screen

then next screen here

which eventually carries over to the Sch E worksheets here

\

carried over to Part V on the 8582 Pg. 2

which carries to Column 2c on the 8582 Pg. 1 like this

I hope this works well for you . Good luck!