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MG26
Level 3

Form 8582 Passive acctivity loss limitations

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?

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1 Reply
PatriciaV
Employee Tax Expert

Form 8582 Passive acctivity loss limitations

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.

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