We've had a loss every year we owned a rental condo. In 2023 the capital loss carryover was -21,202.
In 2024, we sold the condo. I was not expecting a negative loss, but the loss is the same numbers as last year except a positive 21,202.
Seems like there's something wrong?
It depends. The loss is allowed in full in the year of sale of the condo. It would be a positive expense on your Schedule E and you will also see it on Form 8582.
You have access to all forms when you choose to print your return in TurboTax Online/Mobile. However you are required to pay before printing, but do not have to file until you are ready.
If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.
@Acwk
that 21K loss is not a capital loss but a passive loss that for 2023 should have shown up on form 8582.
the sale of that property can create a capital loss or gain depending on the sales price, selling costs and adjusted tax basis. When that property is sold that passive loss is generally freed up.
The adjusted tax basis is the original cost of the property and the cost of subsequent improvements reduced by depreciation allowed or allowable.
we can't see your return and that leaves many possibilities.
Thanks.
You don't think it's strange that the numbers are the same except for the -/+
2023 is -21,202
2024 is positive 21,202
It depends. The loss is allowed in full in the year of sale of the condo. It would be a positive expense on your Schedule E and you will also see it on Form 8582.
You have access to all forms when you choose to print your return in TurboTax Online/Mobile. However you are required to pay before printing, but do not have to file until you are ready.
If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.
@Acwk