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DEV56
Returning Member

Carry forward Rental Net Operating Loss in Turbotax Premier?

After expenses and depreciation deductions incurred while updating and maintaining 2 rental units (same building), I have a Net Operating Loss for 2019.   This shows up in the QBI worksheet as a negative in line 1,  but will it be recognized next year?  The units were occupied part of the year.

I looked at IRS Publication 536 which suggests using forms 1045 or 1045-X for rental NOL.  This doesn't seem to be available in Turbotax Premier.  What are my options?

3 Replies
MarilynG1
Expert Alumni

Carry forward Rental Net Operating Loss in Turbotax Premier?

If you are unable to claim your Rental Loss in 2019 (because of income limitations), the loss will carry over to next year automatically, and each year until you are able to use it.  You don't have to do anything in TurboTax. 

 

Be sure you indicated in TurboTax that you 'actively participate' in your Rental Activity (in Property Profile topic). 

 

Look at your Schedule E Worksheet to see the calculations for Rental Activity and QBI Carryovers. 

 

Click this link for more info on Passive Activity Loss Limitations. 

 

 

 

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Ann Marie
New Member

Carry forward Rental Net Operating Loss in Turbotax Premier?

Hi publication 536 provides a worksheet to keep NOL year over year calculation /accumulation to be used in future periods. I do not see the NOL Worksheet in Turbo tax premier and I would like to know why as it is important to ensure the schedule is maintained or maybe I am missing it?  Please let me know where I can access the form as I have inputted as instructed in the business area the NOL.

Thank you

Ann Marie

AmeliesUncle
Level 11

Carry forward Rental Net Operating Loss in Turbotax Premier?

First let's figure out if you actually do have a "Net Operating Loss" for tax purposes.   For tax purposes, that means that you ENTIRE tax return ends up with negative income.  So if your "taxable income" on Line 11b isn't negative, you DON'T have a NOL (in most cases your AGI on Line 8b of your Form 1040 needs to be negative).

 

So do you actually have a NOL?  Or do you just have a "rental loss"?

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