For my 2020 tax returns, my depreciation is more than the income I have from the rental property. So, the depreciation for year 2020 gets downsized. I'm assuming that the remaining depreciation will count as a carryover loss that I can deduct next year. However, where and how will this be reported? I figured it will appear Form 8582. But, in turbotax premier, I filled up everything but I'm not able to find where it appears as a loss. Can someone please guide me about this? Thanks in advance!
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The sch E Wks has a Carryforward to 2021 Smart Worksheet. Line B holds the Sch E suspended loss and line G holds the AMT version. These losses can carry over until used or the property is sold.
Thank you! I realized that the actual forms filled up can be at the Forms tab on the Turbotax app. So, I was able to see my carry forward loss.
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