I have a client who owns 3 rental properties all will prior PAL. One property was sold this year but Pro Series is taking PAL from all three properties - not just the one property that was sold. Does anyone know how to fix this, so I PAL is only deducted on the property sold. Cannot override anything on form 8582.
Thats how it works, passive activity losses get applied to passive activity gains, doesnt matter if its the same property. You dont get to save them up for the other properties.
The first time this happened to me, I freaked out, but other, more experienced preparers, explained thats how it works.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.