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jenncoley117
New Member

We have used an accountant in the past. We already have past form 8582 for passive activity loss for our rental properties. How do I enter that here?

The turbo tax program only allowed me to choose newly acquired rental property.  We have owned our rental properties since 2019.  We already have our depreciation worksheets and running passive activity loss forms.  How do we enter that information in turbo tax?
2 Replies
tagteam
Level 15

We have used an accountant in the past. We already have past form 8582 for passive activity loss for our rental properties. How do I enter that here?


@jenncoley117 wrote:
The turbo tax program only allowed me to choose newly acquired rental property. 

You either have to enter the transaction in the Rental property section of the program (as a new asset acquired in 2019 and also indicate it was sold in 2020) or in the Sale of Business Property section. 

Carl
Level 15

We have used an accountant in the past. We already have past form 8582 for passive activity loss for our rental properties. How do I enter that here?

The turbo tax program only allowed me to choose newly acquired rental property.

Exactly. You acquired it in 2019 and for you it was in fact, newly acquired in 2019. When asked for the date of acquisition/purchase, you will enter whatever date in 2019 that you acquired/purchased it.

 

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