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mike5pat
Returning Member

Carrying Forward Passive Losses year after I sell rental property

I have passive losses still, can I carry them into 2020.

I sold condo in 2019

6 Replies
JeffreyR77
Expert Alumni

Carrying Forward Passive Losses year after I sell rental property

No, your passive losses related to the rental property should have been been recognized  in 2019. 

 

Passive activity losses are suspended until you have passive income to offset them or you dispose of the asset. 

 

You should amend your 2019 tax return to add the passive losses. 

 

You cannot carry them forward to 2020.

 

Selling Rental Property & Passive Losses

 

mike5pat
Returning Member

Carrying Forward Passive Losses year after I sell rental property

I could only claim $ 25. k in 2019, I have $ 119. k still in losses. Retired now with approx $ 80.k income.

Where do I input this. I purchased the Preemier since I did own the condo before, figuring it would carry it over to 2020. Appreciate any help

mike5pat
Returning Member

Carrying Forward Passive Losses year after I sell rental property

Sold the condo in 2019

JohnB5677
Employee Tax Expert

Carrying Forward Passive Losses year after I sell rental property

If you used TurboTax to file your tax return last year, any Passive Loss Carryovers would appear on Schedule E Worksheet  (this is not an IRS Form)- Carryforward to 2020 Smart Worksheet.

 

If you cannot find it you can manually enter it.

  • Go to Rental Properties and Royalties [Start]
  • Yes, you do want to review the rental & royalty information
  • Answer real estate professional question
  • If your property is listed, select it
  • If it is not listed, enter it in
  • Under General continue to Do Any of these Situations Apply to This Property?
  • Scroll down to Carryovers
  • Select I have passive activity real estate losses carried over from prior years
  • Post the amount
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mike5pat
Returning Member

Carrying Forward Passive Losses year after I sell rental property

it does not bring in any of my schedule E information and/or data

doesn’t show a schedule E

ThomasM125
Employee Tax Expert

Carrying Forward Passive Losses year after I sell rental property

You should have filed a schedule E in 2019 and reported the passive losses on that form and the full amount of the passive losses would have been deducted on your 2019 tax return.

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