One of my clients has 2 rental properties, one is a condo with a lot of assets that are being depreciated, along with the condo. Everything else, including 1 of the rental properties transferred from 2019 to 2020, the condo did not, anyone know what to do about this? I have the rest of the return completed, then was going to start on the condo and its not here.
Actually it is marked, don’t know why...
It's worth noting that you should review the prior year return. If that box was checked then the system will allow passive losses when perhaps they should have been suspended. If that's the case you may need to amend 2019 which will adjust the carryover of losses to 2020.