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Old 02-03-2009, 02:06 PM
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Prior year carry over loss for Rental Real Estate

This is our second year of renting out my husband's home. Last year he maintained his residence there for part of the year and did not qualify to claim a passive activity loss. This year we do qualify and have a carry over loss from his 2007 taxes. Can anyone tell me where we report this carry over (Schedule E?).

Thanks in advance



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Old 02-06-2009, 09:17 PM
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You do qualify to carry over "the disallowed passive loss from iyour rental activity incurred in the prior years tax return. This carry over loss is reported on Form 8582, and the loss is reported on Line 1c as a negative number.

Assuming you qualify for the deduction, this deduction would flow to Schedule E line 23 tax return. Thereafter, it would eventually flow to Form 1040 page Line 17 again as a negative number that would allow you to offset your regular taxable income.

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