WITAXLADY Posted April 15, 2013 Report Share Posted April 15, 2013 ok, so client sells rental at huge loss - should create NOL Other rentals - now the loss is limited and shows a gain of $4,000 income which then knocks him out of EIC - Earned income of W-2 and Sch c of $10,000 and 6! yes 6 children. So what is wrong with 4797? , that looks correct - flows thru -29,000 8582? Sch E income of $34,561 Expense of $37,792 should show loss of $3,231 and instead shows gain on 1040 of income of $4,674 and as I put more expenses in for my fee, management fee etc, the income goes up, not a greater loss. I do not understand. Please help! Thx d Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted April 15, 2013 Report Share Posted April 15, 2013 Have you checked the input screens for Active management instead of passive ativity? Quote Link to comment Share on other sites More sharing options...
Lloyd Hudson Posted April 15, 2013 Report Share Posted April 15, 2013 No time for anlysis but first things I think of is AMT and recapture of deprciation. Or there is a pg 2 sched E offsetting. or program is screwweed up. Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted April 15, 2013 Author Report Share Posted April 15, 2013 YES, ACTIVE CHECKED if I do 6198 I can get it to work but not when I check it for all properties - I am going to print the sch E and 6198 and compare to see which ones It is allowing the losses and which not - no time for this no AMT, checked that, no pg 2 thx Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted April 15, 2013 Author Report Share Posted April 15, 2013 figured it out - it's line 11 on Sch e - pretty obvious - duh! Quote Link to comment Share on other sites More sharing options...
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