I have some rental loss from previous year and this year, form 8995 line 3 and 8582 line 1c showed the loss and also offset by this years gain. However, the loss is not showing up in schedule E line 22 as deductible. If I manually enter passive loss, the deductible will show on schedule E. My question is, why is turbo tax not automatically taking the loss from previous year and deduct. Is manually entering it the correct way?
You'll need to sign in or create an account to connect with an expert.
Yes, you must enter your passive activity loss (PAL) carryover in your rental property. It is something you need to verify each year and make sure it's included with your rental activity until it is used up (this will happen when the property is sold if not before).
The following instruction should help you with the location to enter your carryover loss. You must go into the rental property income section first, then follow the steps to enter your carryover loss.
Yes, you must enter your passive activity loss (PAL) carryover in your rental property. It is something you need to verify each year and make sure it's included with your rental activity until it is used up (this will happen when the property is sold if not before).
The following instruction should help you with the location to enter your carryover loss. You must go into the rental property income section first, then follow the steps to enter your carryover loss.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
knownoise
Returning Member
obeteta
New Member
Bob in Plano
Level 4
Bill413
Level 2
cwatson303
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.