Profit or Loss on rental property between 2023 and 2024 filing

[jawckey]

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

[PatriciaV]

The operating loss from last year doesn't represent the Section 179 carryover loss.

In order to claim any carryover losses for your Rental Property this year, you'll need to review, enter and/or confirm the amounts carried over from last year. Normally, these carryovers are transferred when you open a new return in TurboTax. However, you should always review this information to be certain it is accurate based on your prior year return.

First access the forms in your 2023 return. Passive Loss Carryovers appear on Schedule E Wks after QBI: Carryovers to 20XX Smart Worksheet. This is a TurboTax supplemental schedule and not an IRS form included in your prior year tax return. See the link below if you need help printing worksheets in a prior year return.

Open your current year return, access your list of Rental Properties, and edit the property you need to work on.

In TurboTax for Desktop, edit the Property Profile and follow the prompts to the page "Do Any of These Situations Apply to this Property?" Check the box for "I have passive activity real estate losses..."

In TurboTax Online, scroll down the "Less Common Situations" and click the pencil icon beside "Carryovers, limitations, etc."

On following pages, you will see information transferred from your prior year return. You can change this either by entering an amount in the box or by choosing "Make Changes" at the bottom of the page. At this point, you are interested in carryovers for Schedule E.

When you finish working on your Rental Property, you may see a page asking about Section 179 carryover and QBI Section 179 Carryover. You'll find these amounts on the Schedule E Worksheet in the Carryovers to 2024 Smart Worksheet Line A. The Section 179 disallowed deduction is also shown on Form 4562 Line 13, but this may be an aggregate of several sources, not just one property/business.

To print a prior year return, see How do I view, download, or print a prior-year tax return?