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passive loss carryover
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kdorsey
Level 1
02-07-2020
11:30 AM
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Has anyone come across the situation where a taxpayer has a passive loss carryover on a rental property and then moves into the property. How do you carry over the loss while removing the schedule E from the tax return? The loss is not deductible until there is other passive income to offset or the property is sold, but it needs to show up on the form 8582 carryovers each successive year.
Also, is there a way to track the depreciation in Proseries that has been taken on the house in case it is ever sold and needs to be recaptured?
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1 Comment 1
TaxGuyBill
Level 15
02-07-2020
01:10 PM
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@kdorsey wrote:
How do you carry over the loss while removing the schedule E from the tax return? but it needs to show up on the form 8582 carryovers each successive year.
ProSeries is faulty, and you can't do it correctly with ProSeries.
Most ProSeries users just add it when the property is sold, but it as you say, you are SUPPOSED to include the 8582 every year, but you can't do it correctly with ProSeries.
@kdorsey wrote:
The loss is not deductible until there is other passive income to offset or the property is sold,
Only when the property is sold. It is no longer a rental, so it is no longer considered a passive activity. So even if you have other passive income, the losses from the former rental property can't be used against it.
