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No Passive Loss Carryover found on Schedule E Worksheet?

Forum|Forum|7 years ago
March 12, 2019
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According to the "Schedule E Worksheet" Turbotax generated in the prior tax year (2017), I had more total expenses (in Total column) than the one reported on Schedule E (which is equal to the rental income I was getting). That produces 0 on Line 21 "Income or (loss) and Line 22 "Deductible rental real estate loss".

I understand the actual loss (Total expense - rental income) could be "suspended" or "unallowed". But should I calculate the number myself and enter as passive loss carryover when filing this year's (2018) tax? Will that generates form 8582 on this year's tax form? Thanks!

Also, probably worth to mention that Turbotax didn't generate form 8582 in the prior year. Hence the confusion.

Best answer by NCPERSON1

please open up schedule E in this years tax return. About 1/2 of the way down the worksheet, there is a section titled "carryover to 2018 smart worksheet"

are there any numbers in there (assuming you automatically imported 2017 tax information into the 2018 version of Turbo Tax)

if nothing is there, please open up your 2017 turbo tax software (hopefully you are using the CD / Download version). Open up Schedule E and at the very bottom of that schedule, there is a section called "carry forward to 2018 smart worksheet'. these are the numbers that should be mapped from 2017 to 2018 software packages.

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NCPERSON1Answer

please open up schedule E in this years tax return. About 1/2 of the way down the worksheet, there is a section titled "carryover to 2018 smart worksheet"

are there any numbers in there (assuming you automatically imported 2017 tax information into the 2018 version of Turbo Tax)

if nothing is there, please open up your 2017 turbo tax software (hopefully you are using the CD / Download version). Open up Schedule E and at the very bottom of that schedule, there is a section called "carry forward to 2018 smart worksheet'. these are the numbers that should be mapped from 2017 to 2018 software packages.

W

wormsheadAuthor

Thanks for the reply! @NCPERSON1

I don't think the number is there on this year's tax return, as I'm still working on it and from the UI it actually asking me to enter the number for carryover.

Haven't got a chance to check "carry forward to 2018 smart worksheet" from the software (thankfully I do have the CD version). But from the final PDF version for 2017 tax return, there's a "Schedule E Worksheet" and I don't see the number there, that is where I started my question from. Will double check from 2017 Turbotax software later when I got the access. Thanks.

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NCPERSON1

You may want to look closely at the 2017 return as it is possible the losses were recognized as there is s permissible limit (look at the math with the $150000 declining sliding scale)