I have a rental property. Over the past few years, I have accumulated a Passive Activity Loss (PAL) that has been deferred because of my income. I have retired and my income has reduced drastically, to the point of where I can use this years PAL but also can use some of the carryover (I am an active manager of the rental property). BUT, TurboTax assumes that I want to apply ALL of the Deferred Carryover. Is there a way to override this (looks like I can in Schedule E worksheet, but not sure if that keeps the balance in reserve) and save some of the deferred for future years or for when I dispose of the property?
You'll need to sign in or create an account to connect with an expert.
No, you are required to use the passive loss carryover in the current year to the extent you are allowed to .
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
umaine001
New Member
spitfire
Level 1
HISAgent
New Member
keikoigari
Level 2
taxfiler458
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.