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- 1031 Exchange and Suspended Passive Losses
1031 Exchange and Suspended Passive Losses
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TJH
Level 1
10-08-2022
09:50 AM
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In this particular 1031 exchange related to rental property, a cash settlement was given at closing. The taxpayer has suspended losses on this property. How do I make the tax program recognize the suspended loss?
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Just-Lisa-Now-
Level 15
10-08-2022
10:01 AM
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If you mark Box H on the Sch E worksheet, that should free up passive losses.....Im honestly not sure how that works with a 1031 exchange though.
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TaxGuyBill
Level 15
10-08-2022
10:04 AM
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1031 Exchange and related party. Both of those would disallow the passive losses to be released.
However, I think the actual problem is how to tell the program that the "boot" is passive, so the passive losses would offset that. I suspect that the program can't do that, and therefore you may need to manually do that (manually enter the deduction on Schedule E and manually reduce the passive loss carryover).
