topic Passive loss report in Get your taxes done using TurboTax

Passive loss report

california1977 — Sun, 07 Mar 2021 07:39:38 GMT

For my 2020 tax returns, my depreciation is more than the income I have from the rental property. So, the depreciation for year 2020 gets downsized. I'm assuming that the remaining depreciation will count as a carryover loss that I can deduct next year. However, where and how will this be reported? I figured it will appear Form 8582. But, in turbotax premier, I filled up everything but I'm not able to find where it appears as a loss. Can someone please guide me about this? Thanks in advance!

Re: Passive loss report

AmyC — Thu, 11 Mar 2021 02:32:37 GMT

The sch E Wks has a Carryforward to 2021 Smart Worksheet. Line B holds the Sch E suspended loss and line G holds the AMT version. These losses can carry over until used or the property is sold.

Re: Passive loss report

california1977 — Sun, 28 Mar 2021 21:01:34 GMT

Thank you! I realized that the actual forms filled up can be at the Forms tab on the Turbotax app. So, I was able to see my carry forward loss.