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One rental, We manage, so how do I get the program to allow the loss to flow through?

 
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2 Replies
pk
Level 15
Level 15

One rental, We manage, so how do I get the program to allow the loss to flow through?

Rental Income / Expenses etc.  is reported on Schedule-E.   Tell TurboTax that you have rental income-- it will walk you through filling out the  Schedule-E.   You also have to declare the property as an asset ( when  first put in service, what did you pay for it, value of Land  associated with this asset ) which will generate the depreciation allowable  ( both regular and AMT).

If there is loss, then Passive Activity Loss limitation will come into play and the allowable negative amount would show up on Schedule-1 of the form 1040. Un-allowed losses ( i.e. losses more than the passive activity limit ) would be carried  forward as suspended losses.  Thus your form 1040 will carry the allowed losses.

Does this answer your question or  did I misunderstand your question?

Anonymous
Not applicable

One rental, We manage, so how do I get the program to allow the loss to flow through?

look for form 8582 which will show you your loss, the amount allowed and disallowed 

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