turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Chess-fan
New Member

I have prior year passive activity loss, but Turbotax is not deducting it from this year's rental income. What do I need to do?

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?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
Anita01
New Member

I have prior year passive activity loss, but Turbotax is not deducting it from this year's rental income. What do I need to do?

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.

Chess-fan
New Member

I have prior year passive activity loss, but Turbotax is not deducting it from this year's rental income. What do I need to do?

This answer is helpful, but I am still puzzled:   Last year, Turbotax deducted the accumulated lost from my rental income,   What is this not happening this year?   Did the rules change?
MANDRUMS
Returning Member

I have prior year passive activity loss, but Turbotax is not deducting it from this year's rental income. What do I need to do?

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

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies