What happens to form 8582, in Turbo Tax, years after property has been converted from rental property to personal property? Now selling that property and form 8582 is not on previous years return. Seems like when I stopped renting property it deleted Schedule E and form 8582. This is in TurboTax Premier. Guessing I missed a step in previous year but not sure where.
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The 8582 is in every tax return where the property was classified as a rental. So if you converted it from a rental to personal use in say, 2020, then the 2020 tax return is the last year you'll have form 8582 for that specific rental property.
i agree but what if i sold it in 2023 three years after it converted. Seems like form 8582 is missing from 2022 so tax agencies don't think I have a carryforward loss remaining. Or I am missing something/ Hope the question makes sense.
You need the 8582 from the "LAST" year when you converted it from a rental to personal use. There will be no 8582 for any year after you converted it to personal use, because there's no need for it.
Thanks. That is what I am going to do. Worried it is going to cause a problem with the State and potentially federal but we will see. I expected TT to store this information each year and report on it. I moved states in between so the state I live in now will never know I had a carryforward loss.
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