Hello,

I own some rental real estate and have large losses every year. I understand that I can deduct up to $25,000 every year as an active participant in the business.

My question is as follows: do I have to deduct the full $25,000 I am entitled to? My income outside of the real estate is quite low, so I don't need to deduct the entire $25,000. Does the IRS allow me to use part of the $25,000 and carry over the rest to other years? Or can I forgo the entire deduction and carry that over? (I am using Turbotax, and that automatically deducts the $25,000.)

Thank you.