Hi there,
I cannot find a specific window to enter carryforward losses from last years on rental losses (Sch E). I called ProSeries customer service and the representative could not find it either.
How do you enter those losses to add up this year's?
Also, my client has 3 properties; don't know if that matters for my questions and the three properties had losses this year. Though, they only had two properties with losses last year.
Thank you so much for your help. ~Ro
"I called ProSeries customer service and the representative could not find it either."
Unbelievable. But sadly it's not.
I don't use ProSeries or I'd help you. Usually it's somewhere in the input for each rental property, in other software.
On the Schedule E worksheet for EACH property, scroll down past the normal Schedule E stuff. There are a bunch of lines to enter QBI stuff, various carryforwards, etc. It takes a while to find the right one, but one of those should be the 2023 passive loss carryforward to 2024. You need to do each property separately on its corresponding Schedule E worksheet.
Thank you, sjrcpa, it is helpful to know that it is an individual addition. I do see a line that shows the current years loss but I don't see one that asks for previous' years. Do I add it to this? I seems incorrect to account for previous vs current.
Thank you, TaxGuyBill,
Glad I found out that through you guys that it is per property. When I go to an schedule E and I see all those lines, I cannot find one for 2023 passive loss carryforward to 2024. If you use Proseries, do you see a specific line that you can point out, please?
I only see a line with the current losses, but it does not sound correct to add the previous' years losses to it as how can the current vs past losses be differentiated for accounting purposes?
Thank you so much for your help.
When you are in the schedule E worksheet, scroll down to "carryovers to 2024 smart worksheet, continued" (almost half way down) you will see where to add 2023 disallowed losses by group (sec 179, at risk losses, ETC)
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