jnanos
Level 2
04-25-2021
03:33 PM
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Taxpayer has 9 residential rental properties and 1 farm rental. Actively participates in all. Farm rental has income of $12,612. $ residential properties have losses totaling $(100,775) and 5 residential properties have income of $32,650. I am missing something because Lacerte is allowing $12,612 of loss to offset the farm rental income and taxing the $32.650. Shouldn't my income of $45,262 absorb that much loss and leave a passive loss carryforward of $55,513? All rental property screens a marked the same, as passive with active participation and not a real estate professional. HELP!
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