Turbotax does have the information on the prior year passive activity loss carryforward. But it is not using this information to offset this year's rental income.
The rental property is not in the U.S. Is this relevant?
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The prior year disallowed loss, and all prior years' accumulated disallowed loss, is deductible when you sell the property in a fully taxable sale, not from the next year's income.
Thanks...however, I am using Turbo Tax Deluxe 2019. I had a rental property that I acquired in 1992 and converted to personal second home in 2012. At time of conversion there were lots of accumulated passive loss amounts....form 8582......I realized that I could no use these losses until I sold the property. I just sold house in 2019 but now when I report it as a sale of business property (since it was formerly a biz property and has depreciation etc that must be recaptured) it appears there is no where to deduct these losses I have been dragging along until my disposition of the property. Any solution ?????? Thanks
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