Hello:
When I run smartcheck , it flags me on the below -
the below info pertains to a property that was owned since 2023 & generated loss.
1) schedule E worksheet <xxx prop name> : passive operating loss must be entered
passive operating loss << box to enter amount>>
- asking to enter on schedule A smart worksheet 7(f) - i dont have sch A
2) schedule E worksheet <xxx prop name> : QBI passive operating loss must be entered -
Looking at the worksheet, I see that it did not carry over the figures from last year.
Also - what is the criteria used by turbotax for generating Loss & amortization worksheet - & AMT depreciation report - is there an age for the property that used to calculate this ? thanks.
If you have the Schedule E worksheet for this property from last year, you can enter the passive loss carryover (if any) reported on the Carryovers to 2024 table on that form. It's possible that TurboTax didn't transfer that information from last year.
In most cases, entering a zero for these form errors will resolve the issues.
The Depreciation and Amortization Report is included for any activity with depreciable assets. The AMT version is usually included as well, even if you're not subject to AMT this year.
thank you - as I mentioned the rental prop is not showing up in this report. Can you pl. let me know what to check on Sch E or other worksheet to include this ? It was showing up before but it stopped the last 2 years. thanks
Here is the header of the Schedule E Worksheet you need. Look for the Carryovers to 20XX Smart Worksheet that appears after the QBI section that is below Line 22.
You may be able to retrieve this worksheet if you used TurboTax Online the last time the property was included on your return. To do this, follow these steps.
Your other option is to find Form 8582 and Form 8582-AMT either in last year's return or in the last return that reported this property. Unallowed losses (carryovers) are shown in Part IV column (c). These numbers are the total carryover amounts and aren't broken down by year.