I work a return with Sch E rental loss. Wife work as a real estate professional was selected. but how come the rental loss does not offset W2 income? Do I miss something to click?
Please advise. I use TurboTax desktop version.
She not only has to qualify as a Real Estate Professional, she also has to materially participate in the rental operations.
See https://www.irs.gov/publications/p527#en_US_2023_publink1000234059
I selected both creterias: over 750 hours and 50% of her time involved in rental property. but It still does not work.
@csdl2024 wrote:
I selected both creterias: over 750 hours and 50% of her time involved in rental property. but It still does not work.
The following screen is in the Property Profile section of the program. You need to check "Yes".
Hi tagteam,
Thanks alot for the help.
My turbotax desktop does not have this screen. Please refer the below screen. It is said automatially calcuated will be conduct. However, the return does not automatically offset passive off to reduce the earned income.