I have looked on last year's return for this figure, but can't find it. Where will I find this figure?
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The form from 2017 Turbo Tax would be Carryover to 2018 Worksheet. The federal form is form 8587 which is Passive Activity Loss Limitations.
A passive loss carryover is created when you have more expenses than income (a loss) from passive activities in a prior year that could not be used that year. Instead, the passive loss is carried forward to future tax years to offset any passive income. The loss continues to be carried over until you use up the entire amount.
Passive Loss Carryovers can be created by any passive activity. Most come from rental properties (Schedule E). If you used TurboTax to file your tax return last year, any Passive Loss Carryovers would appear on Schedule E Wks - Carryforward to 2018 Smart Worksheet (final page - note this is a TurboTax supplemental schedule and not an IRS form).
The form from 2017 Turbo Tax would be Carryover to 2018 Worksheet. The federal form is form 8587 which is Passive Activity Loss Limitations.
A passive loss carryover is created when you have more expenses than income (a loss) from passive activities in a prior year that could not be used that year. Instead, the passive loss is carried forward to future tax years to offset any passive income. The loss continues to be carried over until you use up the entire amount.
Passive Loss Carryovers can be created by any passive activity. Most come from rental properties (Schedule E). If you used TurboTax to file your tax return last year, any Passive Loss Carryovers would appear on Schedule E Wks - Carryforward to 2018 Smart Worksheet (final page - note this is a TurboTax supplemental schedule and not an IRS form).
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