How can I change or remove my section 465(d) carryover?

[MaryK4]

In TurboTax Online:

1. Go to the section for your Rental Property or Business Income.
2. Navigate to the "Do Any of These Situations Apply?" screen.
3. Check (or uncheck) the box for "I have at-risk losses carried over from 2024".
4. Proceed to the next screen to enter the carryover amount.
    

[JVV]

My rental expense statement entered Section 465(d) as an Other Expense that should have been dealt with later as a passive loss carryforward

This amount was actually a passive loss carry forward from a prior year.  It also deducted the same amount as an available passive loss CF from prior year(s) so it was giving me that deduction twice.

To fix, go to Income, Rental Income & choose the 1st subject, Property Profile.

check both passive & at risk losses from prior year. 

The 1st screen enter zero & zero for at risk prior years, regular & QBI

then in the next screen enter your real passive losses from prior years carryover in both spots, regular & QBI ( or also AMT)

This takes that 465(d) "expense" off your rental income statement & allows it to just be a loss CF

Ask Jennifer from Texas, awesome specialist of my year!

[JVV]

That won't work if you do have passive losses.  The 465(d) carryover is a duplication.  See my fix in another post