Catherine Posted March 8, 2009 Report Share Posted March 8, 2009 New client has prior-year suspended losses from rental property for form 8582. I CANNOT find how to enter this amount. There are about a gazillion different places where prior-year suspended losses are mentioned. So far as I can tell, ALL of them are "calculated fields" or "overriding this will delete contents" fields that won't accept the date, and following the jump-to bunny eventually brings me past a dozen other places that will NOT accept the number, finally ending up back where I started!! Help, please. Catherine Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted March 8, 2009 Report Share Posted March 8, 2009 Schedule E, top of the page. taxbilly Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 8, 2009 Author Report Share Posted March 8, 2009 Schedule E, top of the page. taxbilly THANK YOU! I went round and round on the 8582 and never saw that line on the Sch E input. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted March 8, 2009 Report Share Posted March 8, 2009 I had the same problem many years ago when I had my first one. taxbilly Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted March 8, 2009 Report Share Posted March 8, 2009 FYI Prior year suspended losses are taken as a deduction in the current year. Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 8, 2009 Author Report Share Posted March 8, 2009 FYI Prior year suspended losses are taken as a deduction in the current year. But the loss for this year was only partially allowed, so how can I take three times that amount as a deduction this year? Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted March 8, 2009 Report Share Posted March 8, 2009 Passive activity losses from the immediate prior year for rental properties are entered as a rental deduction on the property to which they apply in the current year, and the process starts over. Quote Link to comment Share on other sites More sharing options...
Catherine Posted March 9, 2009 Author Report Share Posted March 9, 2009 Passive activity losses from the immediate prior year for rental properties are entered as a rental deduction on the property to which they apply in the current year, and the process starts over. Prior preparer accrued over $26K in disallowed losses from several prior years -- do I need to go back and amend as many as are open, then? Catherine Quote Link to comment Share on other sites More sharing options...
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