Why wasn't a form 8582 automatically filled out by Turbo Tax, showing my carryover losses? I am not very confident at this point that Turbo Tax Premier is serving me well.
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Enter zero personal days. It is an easy mistake, but if you read that screen carefully, it asks for the number of personal days after it was converted to rental use.
That will allow the loss. If your income is too high (over $150,000), that loss can't be used on your current year tax return, but will be carried to next year via Form 8582.
However, you will need to manually prorate the amounts for some expenses, such a mortgage interest, real estate taxes, and howeowner's insurance. Be sure to only enter the amounts that apply for the rental period.
Enter zero personal days. It is an easy mistake, but if you read that screen carefully, it asks for the number of personal days after it was converted to rental use.
That will allow the loss. If your income is too high (over $150,000), that loss can't be used on your current year tax return, but will be carried to next year via Form 8582.
However, you will need to manually prorate the amounts for some expenses, such a mortgage interest, real estate taxes, and howeowner's insurance. Be sure to only enter the amounts that apply for the rental period.
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