How can I continue to show passive losses from a rental property I converted to my primary residence? I use turbotax home and business. Program wipes out the rental.

poncheri1 — Thu, 06 Jun 2019 15:56:59 GMT

If you have Rental Property information from 2016 that tr...

MarilynG — Thu, 06 Jun 2019 15:56:59 GMT

If you have Rental Property information from 2016 that transferred into your 2017 return, you can Edit it to indicate that you converted it to Personal Use, and the Date you did so.

If you had Passive Loss Carryovers from previous years, you may have to carryover them until you sell the property or rent it again, as losses are used against Passive Income. Type 'Rentals' in the Search and Jump To Rentals.

Answer Yes to the screen that ask if you had Rental or Royalty income and Expenses.

Proceed through a few screens until you reach the screen where you can check the box for 'I converted this property from a rental to personal use in 2017' (screenshot).

Scroll down to check the box that indicates passive loss carryovers on the same screen (screenshot).

Here's some IRS info:

https://www.irs.gov/pub/irs-pdf/i8582.pdf

topic How can I continue to show passive losses from a rental property I converted to my primary residence? I use turbotax home and business. Program wipes out the rental. in Investors & landlords

How can I continue to show passive losses from a rental property I converted to my primary residence? I use turbotax home and business. Program wipes out the rental.

If you have Rental Property information from 2016 that tr...