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Why did I have an 8582 with Unallowed Real Estate Losses during 2023 but I can't re-create for 2024 Tax Year?

PU81-CPA
Level 1

I am an "active" not "material" participant in real estate investing with a rental property without any intermediate manager, and a Real Estate partnership that is, uhmm, accumulating losses.

Our MFJ income is typically above $150,000 and until 2024, my rental property, showed a taxable loss.

The 2023 Federal tax forms show an 8582 with a substantial loss from the Real Estate Partnership, as well as a loss from another venture showing up under Part VII (c) and Part VIII (d) Unallowed loss as a total of $21,019.

Where / Does this loss get carried forward to 2024?

Not on Schedule E p2 and No 8582 even though I tried to "force" its creation.

0 Cheers
1 Comment 1
PhoebeRoberts
Level 11
Level 11

Hi there,

You’ve come to an Intuit site supporting tax professionals, and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Cheers!

Assuming from your username that you're a paid preparer and it's coincidentally your return that's problematic, what changed in 2024? Sch E rental had net income? AGI is down? Something got sold? Does Sch E p1 look the way you expect it to, and if not, what's different? Do you have any diagnostics? Did you mark any activities as "delete this year"?