Where do I find passive losses carried over from 2021? I don't see any 2021 Form 8582 Page 2 Worksheet, but I have Unallowed loss on Page 2 Part VII, is that it?

[mjmahoney223]

I had a CPA do my taxes last year but am trying to use TurboTax this year.

[DavidD66]

Yes, you can use the loss amounts in Part VII Allocation of Unallowed Losses on your 2021 Form 8582 to carry forward to your 2022 return.

[mjmahoney223]

Thanks for your reply! Once I select yes to indicate I do have passive losses to carry over from 2021, I get three different boxes - Regular Tax Carryovers, Alt Min Tax Carryovers and QBI Carryovers. I was expecting just one box for the number from my 2021 Form 8582, what do I fill in for each of these?

[PatriciaV]

Each of these carryovers are reported on a separate form. Form 8582 reports regular tax carryovers. You should also have a version with "Alt Min Tax" in the header, which reports AMT carryovers. 

Finally, look for a Federal Carryover Worksheet (not an IRS form) that includes information for many items that transfer from year to year, including QBI. This carryover may also be reported with Schedule C or Schedule E on related worksheets but not the forms themselves. If you are unable to locate the necessary forms/worksheets, you may need to contact the firm that prepared your taxes last year.

[collinsb032]

Same topic. I have a rental in a Trust and using 1041. I'm assuming Net income pertains to Rent Received on the Schedule E (line 3) and net loss (Schedule E, line 21 to use Form 6198) both carry to Part V on 8582? (The net loss is due to depreciation due to FMV calculation at date of death).

Then, Part VII, I use the same net loss used in Part V column b (or Schedule E, line 21) with ratio at 1.00 (it's the only one). However, you are saying column c (Unallowed loss) is for prior years...correct? I had no prior years loss for this, but was confused if I multiplied Loss X Ratio or if that was for prior years.

Another question...on 8582, I have a loss in 2a with the rental. I understand 1a-1c are real estate pros, so that doesn't apply and Line 2d is a loss and 1d is zero, so I skip Part II. So, Part III line 10 is income from 2a and lines 9 (N/A or zero) and line 10 are added (line 2a amount or net income from rental). So, I'm assuming this is not considered a loss (since it's positive)...I don't quite understand the calculation...explain please. Then, that amount is transferred to Schedule E Line 22, correct?

Thank you.

[RobertB4444]

Part V does carry to Part VII but column C is for unallowed losses and includes the losses that can't be taken for this year.  Those losses will be carried forward until the property is disposed of.

In order for the calculation that carries to lines 10 and 11 to have any relevance you need to have multiple passive activities that you are dealing with.  Your prior unallowed losses can be used to offset gains from other activities in future years.

Otherwise, yes, your schedule E will show your total loss as well as the unallowed portion from the 8582 and the loss that you are allowed to take (if any) will be the bottom line on that form.

@collinsb032