Taxpayer had accumulated/suspended losses in his rental property in 2020.
When his 2021 Return was prepared, that loss was not added to his 2021 Rental loss. His 2021 loss wasn't carryforward either to his 2022 Tax Return where he had another loss.
For 2023 where he has a Rental property Profit, can I just add the total of his accumulated losses (since they didn't carryforward from one year to the next) and will I enter the amount on the Carryovers to 2023 Smart Worksheet Line G Suspended losses? and in the QBI side?
Thank you for your help
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If the loses had no effect on his earlier returns I would not amend them, and would just use the accumulated loss on his 2023 return
If the loses had no effect on his earlier returns I would not amend them, and would just use the accumulated loss on his 2023 return
Thank you very much for your answer!
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