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re: Passive Activity Loss/Credit
Posted on 2/1/13 at 8:08 am to Poodlebrain
Posted on 2/1/13 at 8:08 am to Poodlebrain
Thanks. In years past she's always put it on her taxes..... Just her brother is doing it this year. When she did her turbo tax she didn't claim any interest or taxes on the house nor did she put any income. There was some random question that popped up and asked the income from the house but she put zero. In years past she hasn't had to claim any loss on the house.
ETA...ignore what I've posted above...was able to find past returns on turbo tax....not familiar at all with them since I use H&R.
she's a teacher so I doubt her income was over some limit and sifting through her past returns online it looks like she did do the 50% the last two years (whether her brother put the other 50% on his returns I don't know). 3 years ago she was living in that property b/c she was going to school. Looks like she didn't claim any loss last year in line 17, but did for about $1400 in 2010.
And looking at her current return it does have form 8582 filled out (is this a new form for this year?) and under prior year's unallowed losses is shows -$725 and then for total losses allowed it shows $0 and that also shows up on line 17 on the 1040.
Sorry for the confusion and likely dumb questions, but this is all new to me since I've never dealt with this before.
ETA...ignore what I've posted above...was able to find past returns on turbo tax....not familiar at all with them since I use H&R.
she's a teacher so I doubt her income was over some limit and sifting through her past returns online it looks like she did do the 50% the last two years (whether her brother put the other 50% on his returns I don't know). 3 years ago she was living in that property b/c she was going to school. Looks like she didn't claim any loss last year in line 17, but did for about $1400 in 2010.
And looking at her current return it does have form 8582 filled out (is this a new form for this year?) and under prior year's unallowed losses is shows -$725 and then for total losses allowed it shows $0 and that also shows up on line 17 on the 1040.
Sorry for the confusion and likely dumb questions, but this is all new to me since I've never dealt with this before.
This post was edited on 2/1/13 at 8:46 am
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