I have a loss from my rental properties. I see that TTax is subtracting that loss from my taxable income on form 1040, line 8. I would prefer to have that loss carried over to a future year to offset future rental income.
Is TTax applying the active exception wherein I can deduct up to $25,000 from my passive/rental income?
I am not a real estate professional but I am actively involved in managing two of my three properties.
These properties are contained within QBI enterprises. Somehow I have two properties in one QBI enterprise and one the other. Have no idea how that happened or how to fix it.
Anyway, how do get the unused loss to carry forward?
Thank you.
You don't get to choose whether or not you wan to deduct the loss if you qualify. There is no way to forego the loss from the special allowance for Rental Real estate Activities with active participation. TurboTax is not treating you as a real estate professional.
As for your unallowed passive losses, they will automatically flow to Form 8582 - Passive Activity Loss Limitations and will roll forward to your 2024 tax return.