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Returning Member
posted Feb 13, 2022 9:48:46 PM

TT Business 2021 - 1065 / K-1 how/where to enter net operating and real estate carry forward losses

Hello,
I'm using Turbotax Business 2021 for a rental real estate business (LLC).  I have a net operating loss (1065, page 2, line 22) smaller than the net real estate gain (1065 page 4, schedule K, line 2).  I have losses from the previous years in both operating and real estate to carry forward.  How and where do I enter these in TT Business 2021?  Also, if i can only enter the amount necessary to offset the current gain, what is the TT method to track my losses that haven't been applied for future carry foward?  

Thanks,

Rich

 

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1 Replies
Level 15
Feb 14, 2022 7:13:15 AM

Net losses are passed through to the members on their K-1s where they can be carried forward to future tax years on their individual income tax returns.