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If you are certain you didn't have a Section 465 (d) carryover from prior years (or it is double-counting), you can clear this up by adding a negative "Miscellaneous" expense and describe it as "Section 465 (d) carryover offset".
A Section 465 (d) carryover refers to the ‘at-risk’ rules of Section 465 of the Internal Revenue Code. Under that section, your losses are limited to the amount you have at risk in the activity. A loss that was disallowed because of the at-risk rules is generally treated as a deduction from the same activity in the following tax year (ie. carried over).
The response is ridiculous. I have the same problem. I want to find out where I double-entered the carryforward. I went to "forms" and found that the carry forward items from my prior return was not showing up. So I entered them. Now they are double counted and I can't get back to the form I entered them on. To show an "offset" is a WORKAROUND. I want to know how to FIX this problem.
I have the exact same issue - TurboTax please fix this otherwise I'll just go and use FreeTaxUSA which appears to be doing this correctly for far less $$$
This workaround also no longer appears to function (at least for E-file) because TurboTax keeps telling me the negative offset to the carryover is outside of the allowed min/max. PLEASE HELP!
I made a mistake and entered my rental losses from the prior year as a carry forward and I should not have. Now I need to remove this entry that is called SECTION 465 (d) CARRYOVER, and cannot locate a way to remove the erroneous entry and amount. Please help!
Yes, you can remove this entry.
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