You'll need to sign in or create an account to connect with an expert.
If you have any passive losses from prior years carried over to this year, reporting the end of the investment will release those losses to be used on your current year return. The losses each year reduced your basis, eventually to zero. Current year losses will be included as well.
Yes, enter zero for this Smart Check message. The actual carryover (if any) appears on another section of the worksheet, so the information should carry over to next year.
If you have any passive losses from prior years carried over to this year, reporting the end of the investment will release those losses to be used on your current year return. The losses each year reduced your basis, eventually to zero. Current year losses will be included as well.
Thanks so much Patricia. You answered my question twice as I posed it in two different ways (didn't think one question was uploaded!). I am clear on what to do now, but on TT in the review process of my federal return, another issue related to the same investment has popped up that TT says I need to fix before I can file. TT says "I have a QBI suspended loss (of -$1,413) should not have a value when no previously disallowed losses are present for regular tax purposes." The dollar amount is the net rental income (box 2) that I received on my k-1 back in 2022. From looking back on my passive carry forward losses which now total -$8,121 (and haven't been utilized prior to now), I know that the -$1,413 is already included in that number. It is possible I mislabeled that amount back in 2022 as QBI and that is what is causing the glitch? Regardless, should I just zero out that entry given the -$8,121 already includes it? Hope this makes sense. Thanks again for the concise and speedy reply. All the best.
Yes, enter zero for this Smart Check message. The actual carryover (if any) appears on another section of the worksheet, so the information should carry over to next year.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
marytony
Level 3
SCswede
Level 3
eemr19841
Level 2
DANETTE ELLIS
New Member
fineIlldoitmyself7
Level 1