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smithalx53
Returning Member

Passive Loss Carryover data - where to locate and where to enter

I am assisting my relative with their taxes as their preparer died unexpectedly last year.  I could not get an electric copy of their data so I had to enter all the data manually (soooooooooooooo much fun!!).  I found that I could not locate the carryover unallowed losses data and where to enter it.  Help!

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2 Replies

Passive Loss Carryover data - where to locate and where to enter

What is the origin of the passive loss?

 

It could be entered in the K-1 section or the Rentals section.

Passive Loss Carryover data - where to locate and where to enter

generally, passive loss carryovers and any allowance would be on form 8582 (also possibly 8582-AMT) and related worksheets.    however, for publicly traded partnerships any PAL would likely be only in the computer records of the preparer.  Not knowing what app the preparer used, I can't say whether or not the taxpayer's copy of the return would have such data. the IRS certainly does not.

 

 

using Turbotax when you get to the business/rental activity there will be questions about PAL and places to enter the information. 

 

 

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