I reported sale of a rental property, but both 1040 line 14 (form 4797) and line 17 (schedule E) showed losses, in different amount. Why?

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I reported sale of a rental property, but both 1040 line 14 (form 4797) and line 17 (schedule E) showed losses, in different amount. Why?

The are two different types of income and losses. Line 14 show the result of the sale itself. Line 17 has the income or loss from the rental activity during 2017.

I reported sale of a rental property, but both 1040 line 14 (form 4797) and line 17 (schedule E) showed losses, in different amount. Why?

Thx. I simply followed steps in TurboTax (used it for 20+ years) and ended with what I got. The only thing I did differently this year was checking "Yes" when asked if I sold the property in 2017. I noticed a large negative value showed up on Line 22 of Schedule E (it was always 0 in previous years) that came from Form 8582. I don't know why Form 8582 got activated this year. Any suggestions?

I reported sale of a rental property, but both 1040 line 14 (form 4797) and line 17 (schedule E) showed losses, in different amount. Why?

That is because if there were any unallowed passive losses in prior years, the are now available to you upon the sale. This is a good thing.

I reported sale of a rental property, but both 1040 line 14 (form 4797) and line 17 (schedule E) showed losses, in different amount. Why?

Wow! Good to know. Thx!

I reported sale of a rental property, but both 1040 line 14 (form 4797) and line 17 (schedule E) showed losses, in different amount. Why?

You're welcome.

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