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kaluapoa
Returning Member

I have a rental that rents for less than the monthly mortgage and expenses. Would this be passive losses? When I wanted to check my 2018 taxes that was done on turbo tax, 2018 showed up completely blank. Is it because I asked to transfer 2018 to 2019.

 
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1 Reply
Irene2805
Expert Alumni

I have a rental that rents for less than the monthly mortgage and expenses. Would this be passive losses? When I wanted to check my 2018 taxes that was done on turbo tax, 2018 showed up completely blank. Is it because I asked to transfer 2018 to 2019.

Yes - Rental losses are usually classified as "passive losses" for tax purposes, with two exceptions:

  • you or your spouse qualify as a real estate professional, or
  • you "actively participate" in the rental activity.

Property owners with modified adjusted gross incomes of $100,000 or less may deduct up to $25,000 in rental real estate losses per year if they "actively participate" in the rental activity. You actively participate if you are involved in meaningful management decisions regarding the rental property and have more than a 10% ownership interest in the property. This allowance is phased out for taxpayers whose MAGI exceeds $100,000 and eliminated entirely when it exceeds $150,000. 

 

You should still be able to access your 2018 returns.  Transferring the information to 2019 does not remove the information from the 2018 return.  Did you use the online or CD/Download version of TurboTax for your 2018 return?

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