cl2019 Posted March 21, 2020 Report Share Posted March 21, 2020 In ATX, how can I enter the suspended loss carryover from former years, when the rental property is sold. Based on IRS, those loss carryover can be used without passive limitation. I don't know where on the software I can input the loss. It seems if I entered as an expense, form 8582 will limit the loss. Thank you! Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 21, 2020 Report Share Posted March 21, 2020 I don't use ATX, but you probably have a check box to tell it that this is a complete taxable disposition of the property. That should release all the suspended losses. Quote Link to comment Share on other sites More sharing options...
grandmabee Posted March 21, 2020 Report Share Posted March 21, 2020 Yes, Schedule E input total disposition. 1 Quote Link to comment Share on other sites More sharing options...
cl2019 Posted March 21, 2020 Author Report Share Posted March 21, 2020 Thank you guys, very helpful and solved my problem. Quote Link to comment Share on other sites More sharing options...
cl2019 Posted March 21, 2020 Author Report Share Posted March 21, 2020 additional question. for the New Jersey return, total 2019 rental loss of the property which was sold in 2019 is carry forward to 2020. Is there a place I can adjust that? Thank you again! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.