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Where do I report a carryover loss for an investment property?

I sold property a couple of years ago & had an accountant do my taxes.  How do I do this on TT?
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2 Replies
ColeenD3
Expert Alumni

Where do I report a carryover loss for an investment property?

Did you sell it via an Installment sale over several years?

 

An installment sale is a sale of property where you receive at least one payment after the tax year of the sale. You can read more about it here. Here’s how to report one in TurboTax:

  1. Open your return in TurboTax.
  2. In the search box, search for installment sales and select Jump to installment sales.
  3. Check the box next to Sales of real estate, cars, or anything else for which you receive payments over two or more tax years (installment sales). Select Continue.
  4. Answer Yes to Do you want to report an installment sale?
  5. Follow the instructions to enter your sale details.

 

 

Where do I report a carryover loss for an investment property?

Carryover losses are complicated.  I was told that I could carry over $3,000 every year until I retired that loss.  I won't live that long.  I followed the F-8949 & S-D recording for the last two years - I sold the property for a loss in 2018.  I'll talk with a tax attorney...thanks for getting me to where TT does that data recording.  The AMT recording is confusing.  In the past I report AMT only on Foreign Tax Carryovers.

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