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Hi all
TP self prepared in 2019 and showed a loss on Schedule E of $35k. Took the $25k loss in 2019 and showed a disallowed loss in 2019 return of $10k. I believe I can carry forward to 2020 but am not sure where to enter it. I used the Federal Carryover Worksheet and entered the $10k into Line 14a - Net operating loss available to carry forward.
Any views if this is correct? Does this qualify as an NOL and if not where do I enter the $10k. E was a rental property with deprecation and other costs way exceeding rental income.
Thanks for any help
Nolan
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Scroll down the Sch E worksheet and you should find a place to enter the carryover of disallowed/suspended losses.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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ah thanks Lisa, I see it now. Entered as on schedule E in line 'G" as a passive loss carryover - Schedule E suspended loss.
Investment real-estate, so I believe passive is correct?
Thanks again Nolan
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♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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What happens if the loss is during the last year of renting?
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does the loss carryover to the 8582? is the rental being sold or just not being rented anymore?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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Just not rented anymore