Rental losses

Forum|Forum|4 years ago
March 25, 2022
4 replies
9 views

As I enter more expenses for a rental property, tax payer's tax liability goes up. Is this right? They do have unallowed losses from previous years, but under what scenario should taxes go down when profit goes up?

ProSeries Professional

This topic has been closed for replies.

Just-Lisa-Now-

Intuit Community Champion

print a copy, add some expenses, then print a new copy...can you see whats changing?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxGuyBill

Level 15

@gmadden wrote:

under what scenario should taxes go down when profit goes up?

My first thought is EIC could do that.

G

gmaddenAuthor

Level 2

Nope. Gross income is over 300k.

sjrcpa

Level 15

AMT?

The more I know the more I don’t know.

sjrcpa

Level 15

If you're entering more expenses, profit is decreasing not going up.

The more I know the more I don’t know.

abctax55

Level 15

QBI ?

But I do have to say, rather than concentrating on the tax liability changing with various entries....... reconcile the Sch E with the *CORRECT* expenses as well as the F 8582 including all PALs.

Then look at what the correct liability is...

HumanKind... Be Both

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