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Hi. I have a 2017 Tax Return that has Capital Loss Carryover on their Schedule E Rental Property. The Carryover is $28,302 and I cannot find where to enter this information on the return. I have entered the Depreciation of all items (27) and the system is showing a Prior Loss of $0, rather than the $28k. Where do I input this?
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@TaxAdviceGuys wrote:Hi. I have a 2017 Tax Return that has Capital Loss Carryover on their Schedule E Rental Property. The Carryover is $28,302 and I cannot find where to enter this information on the return. I have entered the Depreciation of all items (27) and the system is showing a Prior Loss of $0, rather than the $28k. Where do I input this?
You need to clarify what you mean. Your title says "Depreciation Carryover". Your question says "Capital Loss Carryover". But neither of those make much sense.
- Do you mean a Passive Loss Carryover?
- Is this a home that is used for both personal and rental use (subject to the "vacation home" rules)?
- Please give as much detail as possible. The more information you provide, the more likely somebody can help you.
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Hi TaxGuyBill,
Yes, Sorry about that. Okay, so I have a Vacation Rental Property that is used as both a Rental and a Vacation Home (Vacation Home Rules). In 2016, they used Turbo Tax and filed themselves, which they have provided me a copy of. The Prior Depreciation for this Rental Home is the $28k that I mentioned earlier and I cannot find where to input that number into Lacerte. I have entered all Depreciation items into screen 22 and have the correct amount entered there for Prior Depreciation. I have looked on screen 18 (Sch E) and cannot find a place to enter Prior Year Depreciation as a Capital Loss Carryover.
I understand that this Rental is subject to the Vacation Home Rules, but for the life of me cannot figure out what I am doing wrong with the Depreciation, so that the Worksheet will include the depreciation amount as a prior year capital loss amount. Am I not entering this correctly?
Any and all help would be greatly appreciated.
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It's not a "capital loss carryover".
*IF* there were losses that were not able to be used in previous years, it is a "vacation home" carryover. And that "vacation home carryover" is probably composed of two separate entries; one for depreciation and one for other stuff. So I suspect what you are actually looking for is the "vacation home carryover" for depreciation.
Unfortunately I'm a ProSeries user so I can't point you to the exact screen in Lacerte. But hopefully now that you know the correct terminology to look for, you may be able to find it. Or perhaps a Lacerte user may come along and tell you which screen it is on.
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You'll find it in the Sch E, Screen 18, on the left hand side under "personal use of dwelling (including vacation home) - Carryover vacation home expenses, depreciation.