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jblassick
Returning Member

On form 8582, part 2, line 10: why do I get $0.00 deductions when my losses are $ 23, 319?

 
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5 Replies
jblassick
Returning Member

On form 8582, part 2, line 10: why do I get $0.00 deductions when my losses are $ 23, 319?

My email is jblassick24@ comcast.net

MarilynG1
Expert Alumni

On form 8582, part 2, line 10: why do I get $0.00 deductions when my losses are $ 23, 319?

If you used TurboTax last year, your carryover loss amount should have filled in for your automatically.

 

If not, make sure you checked the box to indicate you had Loss Carryovers in the Rental section.

 

Check your Schedule E Worksheet, Carryforward for your Passive Loss Carryover Amount.

 

If you sold the property, Form 8582 is not used and losses are taken on Schedule E.

 

Click this link for more info on Rental Carryover Losses. 

 

 

 

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jblassick
Returning Member

On form 8582, part 2, line 10: why do I get $0.00 deductions when my losses are $ 23, 319?

I did use turbo tax last & it did show my carryover. That's not my question, what is the reason I can't use my $ 23,319 loss?

MarilynG1
Expert Alumni

On form 8582, part 2, line 10: why do I get $0.00 deductions when my losses are $ 23, 319?

Did you indicate 'active participation' in the Rental section?

 

Is your income too high to use the losses?  If so, you can't use them until you sell the property. 

 

Click this link for more info on Why Can't I Deduct Rental Loss?

 

Since we can't see your return in this forum, you may want to Request a Live Review if you can't resolve your issue. 

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jblassick
Returning Member

On form 8582, part 2, line 10: why do I get $0.00 deductions when my losses are $ 23, 319?

How do I know if my income is too high to deduct the losses?

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