Hello,
Please help me with the following.
- I own a rental property in 2023 as well as 2024.
- For that property, when I filed taxes for 2023, turbo tax premium 2023,
somewhere at the end it said the following.
You net loss for this property is -$5,167
What you can deduct at this point is zero.
But wait! These amounts may change based on other Limitations, such as what?
You can see the filnal amount of your deduction at the end of incomce section.
- Anyway I filed 2023 return long time ago and my question does not pertain to my 2023 return.
- But it is about the 2024 return. So when I am doing 2024 return with turbotax premium, somewhere
in the rentel income dialog I saw the following.
Section 179 carryover
And asks me to enter 'Section 179 carryover' and 'QBI section 179 carryover'
Turbotax premium 2024 did not prefil this numbers from any 2023 return.
So my question is ...
- In this 179 carryover, can I enter the loss of 2023 which was -$5,167?
- If it is not the right place, will I even be able to claim that 2023 loss against my 2024 rental income?
Without taking 2023 loss into account, for 2024 turbotax shows a profit of $10,198 in 2024. So I want to
if and how to claim and enter the loss of -$5,167 incurred but disallowed in 2023.
Please let me know.
regards
