How do I determine my previous year's Passive Loss Carryover? I'm not even sure if I have a Passive Loss Carryover. Is this detailed in the Schedule E?
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If you used TurboTax last year and transferred your tax information to this year then the program already has any passive loss carryover information from 2015.
Otherwise, you can see your passive loss carryover by looking at your 2015 tax return. Look for Form 8582, Passive Activity Losses. On worksheet 5 of that form, there is a column for unallowed losses. If you have that in your 2015 return, this is the amount of your passive loss carryover to 2016.
If you used TurboTax last year and transferred your tax information to this year then the program already has any passive loss carryover information from 2015.
Otherwise, you can see your passive loss carryover by looking at your 2015 tax return. Look for Form 8582, Passive Activity Losses. On worksheet 5 of that form, there is a column for unallowed losses. If you have that in your 2015 return, this is the amount of your passive loss carryover to 2016.
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