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gaudi444-netscap
March 29, 2024
Question

Under Rental property - Passive Losses From Prior Years. Can someone clarify the available checkbox "I have passive activity losses reported on Schedule D or Form 4797"

  • March 29, 2024
  • 1 reply
  • 0 views
Generally, under what circumstances would this be selected? Is this typically auto filled from previous returns like the passive loss carryovers? Is this in reference only to the specific rental property?  Thank you.

1 reply

PatriciaV
PatriciaV
April 1, 2024

Yes, you generally carry passive losses forward to the same rental property and are matched to passive income.

 

However, losses from Schedule D or Form 4797 are capital losses and may be used to offset capital gains.

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