In 2019, I had an AGI of around -9k due to the foreign earned income exclusion and a real estate loss. The real estate loss was such that I was exempt from submitting an 8582. I am now filing for 2020 and once again was able to fully exclude my income due to the foreign earned income exclusion and have a real estate loss of around 17k, resulting in an AGI of around -17k. Would I need to carry forward my 2019 loss of 9k into 2020, resulting in an accumulated real estate loss of 26k (9k+17k) and thus, triggering the need to file an 8582? If so, how and where do I report the prior year 9k loss on my 2020 return?
It depends. If you filed with Turbo Tax in 2019, that carryover should have been performed automatically. Here is how to report.
Thank you. That got the prior year's loss into my return. I now see that a 8582 is being populated with my prior year loss of -9k being shown as an "unallowed loss" on worksheet 1 line 1c. This loss was not unallowed per se, I just didn't have any income to deduct it against so it wasn't used in 2019. As such, would it still go here?