How to enter passive rental loss carryover from prior years when selling home in TurboTax Premier.

[TaxFilerUS]

I have had a rental property for past 2 years and had passive rental loss income for past 2 years. I sold my property in 2018 and wanted to enter passive rental loss carryover from prior years  in TurboTax Premier.

I got similar question which directed below steps. However I am unable to find step 4 - Show More icon in TurboTax Premier. Therefore I am unable to do next steps.

To enter Passive Activity Loss Carryovers from a Prior Year for your Rental Property in TurboTax Premier: 

1. Click the Federal Taxes tab
2. Click Wages & Income
3. Scroll down to the Rental Properties and Royalties section
4. Click the blue Show More in this section
5. Click Start (or Revisit) next to Rental Properties and Royalties (Sch E)
6. Click Yes
7. Click Continue
8. Click the blue Edit button next to the rental you'd like to add info for
9. Click Continue until you reach the screen entitled Do any of these situations apply to this property?
10. Scroll to the bottom of this page and check the box next to I have passive activity real estate losses carried over from a prior year.  (see first attachment for reference)
11. Click Continue
12. You'll be able to input the carry over amounts on the next screen (see second attachment for reference

[Leonard · Accepted solution]

In step 4 in your question, the blue box in TurboTax Premier will say Update, (see the screenshot).  Then follow these steps to enter your passive losses

Follow the screen prompts to Rent and Royalty Summary and click edit on the line for the rental property you are working on.

On the page Review your......Rental Summary select Update on the Property Profile line.

Continue to the page Do Any of These Situations Apply to This Property then click the box I have passive activity real estate losses carried over from a prior year (see screenshot) select continue to the next page to enter your passive losses.

[Canada]

Unable to edit rental properties and royalties (Sch E).  Have latest versions of Safari, Chrome, and Firefox.  What's going on with Turbo?

[omarhass]

Quick follow up question about whether the passive activity losses are automatically computed/deducted by TurboTax after the sale of the rental property.

[AbrahamT]

And the answer is yes,

See here

from here

Good luck.

[GaryFNC]

@AbrahamT Your message was very helpful, but..    when I have a passive loss ($50K) in schedule e worksheet (with a $14K profit for that rental for the year), it disallows $36K even though I am showing a $150K profit on selling the property.    Your example shows it being allowed - so I assume I am missing some box that I needed to check someplace??

Thanks in advance

[GaryFNC]

I noticed one thing - your example shows 
"Passive Status Disposition" and I can't seem to get it to show anything other than Passive Status Passive

[AmyC]

When you sell your rental, you must mark that you sold the rental in the general information plus you must go into the asset section and sell each asset. Mark any other assets you are depreciating as sold for $0. Once you have your rental correctly marked, you will see it as a disposition and the disallowed losses will come into play.

@GaryFNC