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This is my first year using turbo tax (for 2023 taxes). On Jan 1 2022 I moved into one of my rental units which became my primary residence. My accountant did my 2022 taxes and I have passive loss carry forward for this property and I have the amount. I want to somehow get this passive loss carry forward into turbo tax. This way it stay in my taxes to be utilized against other passive income or released when I sell the property. Please help. Thanks.
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Since you no longer have a Sch E on the return there is no place to enter the PAL in the TT program "for safe keeping" so save that return information in a safe place until you sell that property or return it to being a rental.
Thank you for your answer. I think it is important for me to do the form 8582 to track this PAL. I receive a lot of K1s and it is possible that I receive income from other passive income streams that could be offset by the losses from the former rental property that is now my primary residence. Do you know if Desktop version of Turbo tax allows for this? Also, I have losses from form 1116 that I need to track as well. Thank you.
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