I have a rental property which has a passive loss carryover from 2022. TT is showing the loss in 'Carryovers, limitations, at risk info, etc' section however it's not applying the loss to reduce the rental income.
How can i apply the loss to 2023 taxes. I still own the property and it was rented for all days of 2023.
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Please clarify if the rental property is showing a profit for this year? (Income is greater than expenses, including depreciation.)
It’s showing profit
I think I figured it out. The net income on the property is not including the loss from last year however it’s adjusted when looking at annual summary of income. It could be a improvement to turbo tax to show the loss in net income as well
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