we have a rental property for last 8 years and have passive activity loss every year, because of our income level we cannot deduct the loss, what I heard is when we sell the property we'll get payback. so that we sold the property in 2019 i wonder how to claim our suspended passive activity loss, i don't see it mentioned anywhere in turbotax.
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it's automatic when you indicate you disposed of the entire interest and enter the sales info. this assumes you used TT every year so the unallowed PAL carried forward
in 2018 when I filed tax using TT, i accidentally unchecked the box for 'passive activity loss from previous year' , does it mean it won't auto calculate the PAL starting 2018? how can I get the total PAL if TT doesn't calculate it for me or lose the tracking?
If you used TurboTax last year, you can go in to 2018 and amend (Solved: How do I amend my 2018 tax return) then get the information for the Passive Loss Carryover and enter for the 2019 taxes.
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