Hello Everyone,
I am in the process of preparing tax return for 2025. I installed TurboTax premier 2025 desktop edition software.
Filing status: Married file jointly
We have two rental properties: one Single family home, one townhouse
Our 2024 tax return was filed by the accountant. I only have PDF file (no .tax2024 file).
1. On form 8582 (2024) Part VII column (c) Unallowed loss listed for townhouse is $24,957.00
On form 8582 (2024) Part VII column (c) Unallowed loss listed for single family home is $3,505.00
1a. I would like to confirm $24,957 and $3,505 are the correct numbers to enter for passive losses from prior years. reference: https://tinyurl.com/mv7nrezv
1b. I entered wrong passive losses for both rental properties. After doing online research seems like the best way to re-enter correct figures is to remove two rental properties, then created new rental property in order to see the "Pass Losses from Prior Years" prompt. I tried to edit existing rental property, but I wasn't able to see "screen entitled Do any of these situations apply to this property" screen. online reference
2. How to enter HOA fee for the rental property
The townhome has HOA fee, should I enter it on Schedule E under management fee category?
3. How to determine rental property has QBI income or not?
Form 8995 (2024 tax return) line 9 amount is $480.00
4. On Schedule E worksheet under Ownership percentage section. Should I enter 100% for both single family home and townhouse?
