Passive Losses Carryover vs Vacation home carryover and vacation home depreciation

[guest9999]

the california schedule e form has a passive losses carryover section, which i understand, but it also has a vacation home carryover line where it asked for operating expense carryover, depreciation carryover, and AMT expense carry over, and AMT depreciation carryover.  Are those just the breakout of the passive loss carryover?

[AmeliesUncle]

No.  They are two completely separate things.

Vacation Home carryovers are based on when the property is also used by you personally.  Passive Loss carryovers are based on it being a rental property, usually when your personal use is very minimal or non-existant.

[guest9999]

Thank you for your response. Unfortunately, I filled my taxes before I saw your response. So what I had done was just take my passive losses carry over total and put the depreciation portion in the vacation home depreciation line item and the rest in the vacation home expenses line item. So the total, a possitive number for that section adds up to the passive losses carry over in the other part of the schedule e, which is negative. After reading your explanation, I see I did it wrong and should have left those vacation home line items blank and just stuck with the regular schedule e passive losses section that I am used to. Now what should I do? Should I refile or just do it correctly next year for 2024 taxes? I don’t want CA to think I just wiped out all my passive losses. 

[CatinaT1]

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