How do I enter suspended loss deduction from a rental property?

I have a $9500 schedule e suspended loss on my 2009 taxes but not on my 2010, why?

    Did you go to the Rentals and Royalties section at the Business tab to enter all your rental income and expenses?  Turbotax will automatically compute your depreciation.  If you look at Schedule E, line 26, you have a net rental income if the amount on line 26 is positive.  If the amount on line 26 is negative, then you have a net rental loss.

    The IRS limits the amount of your net rental loss than can be used on line 17 of your 1040 to offset your other ordinary income.  Any net rental loss than you can not use this year becomes a suspended loss and is carried forward to the next tax year when your suspended loss is first used to offset rental income.  

    Your rental property mortgage payment is not fully deductible.  You can deduct the mortgage interest but not the part of your payment that is used to reduce your loan balance.  You also cannot deduct your monthly escrow contribution, although you can deduct the actual amount paid from your escrow account for property taxes and hazard insurance.

    Go through the guided interview for the Rentals and Royalties section at the Business tab and see if you get a refund again.
    • Yeah I went through it over and over again. However this time I went all the way through it and it states the the form used for calculating the depreciation is not available until 01/20/11, so I am wondering if that has to with it.  I will try again once that form is available.  Thanks for all of your help!!
    Lots of questions come to mind.

    Did you sell the property in question in 2010?
    Did you have more than $9500 in net rental income in 2010?
    Was your AGI higher than $100K last year, but lower this year?
    Was your net rental loss $34500 last year, but only $15500 this year?

    If the answer is YES to any of these questions, that could explain why you don't have a $9500 suspended loss this year.  How much is your suspended loss this year?
    • to answer your ?'s
      No I did not sell the property
      Yes, I did have more then $9500 in net rental income, but I did in 2009 too.
      No my AGI was not higher then $100K
      No my rental loss wath not $34500 last year, but only $15500 this year

      Nothing is listed as my suspended loss?  I am wondering if I am missing something.  I have went through it over and over again and everything is entered?
    • You said, yes, you do have more than $9500 in net rental income in 2010.  Suspended losses from 2009 are used to offset rental income in 2010.  Since your net rental income is greater than $9500, all of your 2009 suspended loss is used and you don't have any excess loss to carry forward to next year.
    • Ok, so I wont ever have suspended loss again as long as I rent the home?  I am confused on what suspended loss is?  Is it net income, rental income?  What about the depreciation of my home.  I am just trying to figure out why I got almost $2500 back last year and its showing I owe $940 this year and I have a rental property.  I still have a mortgage payment that I have to pay, can I enter that anywhere?
    Contribute an answer

    People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

    1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
    2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
    3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
    4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
    5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.