The Loss is from a rental property that I held for 4 years and owned 100%; it was foreclosed upon in Jan 2010. I used form 4797 in tax year 2010 and elected to carry forward. This is where I am stompped, 1) turbox tax does not show me the $ amount I can carry forward each year. 2) How do I calculate what I can carryforward to 2011, etc. 3) What forms should I use?
Your responses have been very helpful. For clarification, I do not have to complete schedule D (8949), correct? I will need to complete 8582 and Schedule E, correct?
No worries, I stepped away from my computer after I asked the question. One more question, please.
I just want to confirm that my rental property was foreclosed upon in 2010,. In 2010, I used form 4797 and schedule E and stated that I wanted to carry forward (form was completed for that too).
Now in 2011 I want to use that carryforward on my taxes and I will completed schedule E, as if I still had the rental property, but only to claim a loss up to 25k, and also complete form 8582.
This should do it.