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Level 2
posted Feb 20, 2025 10:46:42 PM

How to ensure my suspended losses for 2 rental properties are kept seperate by TurboTax?

I own 2 rental properties. I would like to ensure that my suspended losses are kept totally seperate. This is to ensure that if I sell one of the properties, that I can deduct the suspended losses of that property from my profit when I sell that property. If TurboTax mixes both suspended losses, then I would have to sell both properties at the same time to deduct the suspended losses (if they are combined for taxes).  How can I verify TurboTax is keeping suspended losses seperate? Thanks.

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1 Replies
Expert Alumni
Feb 21, 2025 5:13:59 AM

Yes, YOU will enter the amount of loss you wish to take each year on each individual property. 

 

In your case, you would enter the loss for the year of sale before reporting the sale in the program. 

 

TurboTax will only carryover loss you enter one year to the next. It does not automatically compute and carry loss forward. 

 

The loss is entered in the Rental Profile Section.