Update: I found the carryover in QBI section. I'm thinking it was only the first year to put total depreciation in the misc expense section and this year the it'll auto carry the passive loss over and automatically create the 8582 this second year.
Last year was first year in catch up depreciation for rental property. I had put the total catch up depreciation in Schedule E misc expenses on it's own line. I can see this second year of catch up depreciation that TT has a carryover loss amount that seems correct. I'm wondering if I have to put that carryover loss amount in the Schedule E misc expenses again or will it automatically take care of it and create a form 8582 for me?
You'll need to sign in or create an account to connect with an expert.
Yes. If you have a carryover loss on Schedule E this year, TurboTax should transfer the amount to next year's return. Be sure to keep a copy of the Schedule E Worksheet (all pages), just in case.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
MCSmith1974
Level 2
scottverm
New Member
PTR1
Returning Member
mjtax20
Level 1
alex1907
Level 2