I believe the sale of my rental meets the threshold for allowing passive loss carryovers to be recognized but Turbo Tax is only recognizing the 2017 loss, which is great but I really need the previous losses to unwind in order to help offset the gain on the sale. Since I've entered all the information to determine the gain on the sale and Turbo Tax is recognizing it, I assumed that the system would also automatically recognize that the passive loss carryovers related to this rental should now unwind, etc. It isn't and there is no indication why. Any assistance on this is most appreciated.
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Yes, you can use your passive loss carryovers on the final Schedule E you report. These losses go to Line 17 of your 1040 and will offset other income. You may have to enter the carryover losses manually.
Here's how you enter it:
When in your tax return, under Wages & Income, scroll down to Rental Properties and click on Update
Yes, you can use your passive loss carryovers on the final Schedule E you report. These losses go to Line 17 of your 1040 and will offset other income. You may have to enter the carryover losses manually.
Here's how you enter it:
When in your tax return, under Wages & Income, scroll down to Rental Properties and click on Update
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